Ethereum ($ETH) continues to trade at $3,550, recovering from a recent dip. This article examines key support and resistance levels as well as price analysis.
ETH Holds Key Support
After reaching a local peak near $3,838, Ethereum retraced and found support around the $3,530–$3,550 zone. This area has become a crucial short-term demand level. The bounce here is encouraging, especially with the daily candle forming a higher low relative to the July lows.
Key Levels to Watch
From the chart:
**Resistance:** 🔼 $3,838 (Recent High) 🔼 $3,620 (Minor Horizontal Resistance)
**Support:** 🔽 $3,530 (Current Support) 🔽 $3,200 (Key Horizontal Support) 🔽 $3,012 (50-Day SMA) 🔽 $2,732 (Strong Demand Zone)
Losing the $3,530 level could open a retest of $3,200. Below that, $3,012 becomes the make-or-break level for bulls.
RSI Analysis and Bitcoin Impact
The 14-day RSI recently cooled off from overbought territory, now sitting around 56.05. This suggests there's still room to move higher before ETH becomes overheated again. Importantly, RSI bounced after a clean test of the 50-level—historically a good sign of bullish continuation during trending phases. Additionally, while Ethereum is holding support, it’s worth noting that Bitcoin is still consolidating near its support levels, and if BTC breaks lower, ETH could follow—even if its own chart looks healthy.
Given the current chart structure and momentum, if ETH holds above $3,530, the next target remains $3,838. Losing this level may prompt a drop to $3,200 and possibly below. The bias remains neutral-to-bullish as long as ETH stays above $3,530.
