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

Hut 8 Wins Bid for Poolin's Texas Datacenter Sites

Hut 8 has successfully bid $140 million for two datacenter sites owned by the bankrupt mining company Poolin.

user avatarLucas Weissmann

Senate Banking Committee Democrats Request Hearing on Prediction Markets

Democratic members of the Senate Banking Committee request a public hearing to examine the growing issue of prediction markets and their regulatory implications.

user avatarFilippo Romano

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

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.