ETH has successfully surpassed the key resistance level of $3,550, boosting confidence among investors. The price of Ethereum is currently above $3,590, with strong support at this level. This positive momentum indicates the potential for further gains in the near future.
Ethereum’s Journey to Higher Valuations
ETH is facing a challenge at the $3,680 resistance level, which needs to be cleared for the cryptocurrency's value to keep rising. Despite occasional price drops, market stabilization is possible, leading to a more steady upward movement.
The next significant resistance levels for ETH/USD are at $3,640 and $3,680. Breaking through these barriers could push Ethereum towards $3,720 and even $3,800 with sustained bullish momentum.
Risks for Ethereum’s Price Upsurge
If Ethereum struggles to break the $3,640 resistance, a potential downward trend could occur. Support levels are at $3,590 and $3,550, but the crucial $3,500 support zone is essential for Ethereum's stability. Falling below $3,500 may lead to further declines, possibly reaching $3,390 and $3,250. The current technical indicators suggest ongoing price volatility, with Ethereum's value currently at $2,602.
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