Ethereum has shown resilience over the last week, reaching a 19-day high. We explore the key resistance and support levels, and assess the potential for further growth.
Ethereum's Price Growth and Current Performance
Ethereum (ETH) has shown growth in the past seven days, reaching $3,745, marking a 19-day high. The second-largest cryptocurrency by market cap stabilized at $3,680, representing a 0.50% gain in the last 24 hours and a 10% increase over the week. Despite being 25% below its all-time high (ATH), trading volume surged by 51%, indicating growing investor interest.
Key Resistance and Support Levels
Ethereum continues its uptrend, having confirmed it above the $3,650 mark. A bullish trend line indicates support at around $3,660, a key area to watch as traders monitor the next price movements. ETH is also trading above the 100-hour Simple Moving Average, reinforcing its current uptrend. Significant resistance lies at $3,750, with further barriers at $3,780 and $3,850. A breakout above these levels could pave the way for Ethereum to test the $4,000 mark.
Opportunities for Ethereum Rally
The broader market sentiment appears optimistic, with a Fear and Greed Index score of 61, indicating 'Greed'. Ethereum’s Relative Strength Index (RSI) of 60 suggests moderate bullishness. However, caution remains essential, as Ethereum is testing the critical $3,675 resistance zone. A double-top pattern suggests the potential for either a breakout or a reversal. A clear move above this level could ignite a fresh bullish rally.
The situation in the Ethereum market requires careful monitoring of key levels that could influence its further course. Ethereum's upcoming movements could determine its direction in the coming days.
