Ethereum's Path Towards $3,500 and Beyond

user avatar

by Giorgi Kostiuk

2 years ago

Ethereum continues its recovery, holding steady above $3,400 and targeting further gains.

Ethereum Status

Ethereum shows incredible resilience, rising back above $3,450 during its latest recovery wave. This figure is supported by its 100-hour Simple Moving Average, and a bullish trend line appears near $3,420 on the ETH/USD hourly chart. Breaking through the $3,500 resistance could pave the way for further bullish action.

Support and Resistance Levels

Ethereum has maintained stability above the $3,320 support level, tracking Bitcoin's recent climb upwards. This allowed it to clear both resistance zones at $3,350 and $3,420 and pave the way for further recovery. Immediate resistance lies near $3,480 with key resistance at around $3,500. A break of this level would likely prompt Ethereum to reach an intermediate goal of $3,550 or perhaps beyond this to test $3,650.

Potential Downside Risks

However, if Ethereum cannot break through the $3,500 resistance, it could experience another pullback. Initial support lies at $3,420 aligned with its trend line while significant support can be found at $3,400, where 50% Fibonacci retracement occurs. An initial break below $3,400 could take Ethereum down toward $3,350 or even lower.

Ethereum's steady recovery and bullish setup suggest further gains may come if key resistance levels are surpassed.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Coinbase Reports Data Exposure Incident Affecting Customer Contact Information

Coinbase reported a data exposure incident involving Amplitude that compromised customer contact information, but assured that customer funds remain safe.

user avatarZainab Kamara

Bitcoin Drops Below $80,000 Amid Federal Reserve's Rate Decision

Bitcoin's price fell below $80,000 during trading on October 29 as markets reacted to the Federal Reserve's decision to maintain interest rates.

user avatarSon Min-ho

Importance of Security Guidance Highlighted in Ethereum Incident

The recent Ethereum incident emphasizes the importance of security guidance and the need for diverse validation infrastructure.

user avatarAyman Ben Youssef

Ethereum Software Teams Release Updates to Address Security Risks

Ethereum software teams have released updates to mitigate truststore exposure linked to compromised certificate authority keys from eMudhra.

user avatarTando Nkube

Google Cloud's New Service Enhances Key Management Security

Google Cloud's new Multiparty Compute service aims to mitigate risks related to key management in digital asset custody by splitting signing authority among independent participants.

user avatarKofi Adjeman

Google Cloud Launches New Service for Digital Asset Custody

Google Cloud has launched a new Multiparty Compute service to enhance institutional digital asset custody, addressing custody risks and potentially lowering barriers for firms in the digital asset market.

user avatarNguyen Van Long

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.