The cryptocurrency Ethereum (ETH) has been steadily rising above the $3,550 resistance zone, creating a positive outlook for investors. Currently, Ethereum's price is above $3,550 and is trading above the 100-hour Simple Moving Average, showing a strong upward trend in the ETH/USD pair. This indicates potential for further price increases for Ethereum in the near future.
Ethereum Faces Critical Resistance
ETH is now facing a critical resistance level at $3,680. To continue its upward trajectory and reach higher price levels, Ethereum must successfully break through this resistance level. Although Ethereum has surpassed the $3,580 mark, there have been minor corrections before attempting to breach the $3,680 resistance level. These corrections are essential for market consolidation and the formation of a stronger upward trend.
The primary resistance level for ETH/USD is currently at $3,640, but the true challenge lies at $3,680. Overcoming this resistance level would likely lead Ethereum to target $3,720, and if the positive momentum persists, Ethereum could reach $3,800.
Downside Risks for Altcoin ETH
If Ethereum fails to break the $3,640 resistance level, it may enter a new downtrend. The first support level is at $3,590, and being close to the trend line reinforces the possibility of a downward trend. Technical analysis points to a major support level at $3,550, with $3,500 also being a significant area to watch for support. A drop below $3,500 could push Ethereum towards $3,390, followed by further potential losses down to $3,250.
Indicators suggest that the hourly MACD for ETH/USD is losing momentum, while the hourly RSI remains above the 50 level. This implies that price fluctuations may persist in the near future, with Ethereum currently trading at $2,602.
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