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.
