Ethereum price has begun a recovery wave from the $3,220 support level and is showing signs of potential growth if it can break through the $3,550 resistance. The price has started a fresh increase above the $3,350 zone and is currently trading above $3,420 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $3,425 on the hourly chart of ETH/USD. If the pair manages to clear the $3,520 and $3,550 resistance levels, it could see a decent increase.
Despite facing resistance below the $3,550 level, Ethereum was able to make gains above the $3,350 and $3,400 resistance levels. The price even surpassed the $3,500 resistance level, reaching a high of $3,534 before consolidating gains. Currently, the price is trading above $3,420 and the 100-hourly Simple Moving Average, with a connecting bullish trend line providing support at $3,425 on the hourly chart of ETH/USD. The first major resistance is near $3,540, with the primary obstacle at $3,550. A clear move above this resistance could see the price move towards $3,650, with further gains possible in the coming sessions.
If Ethereum fails to break through the $3,550 resistance level, it could face further downward movement. Initial support is near $3,425 and the bullish trend line, with the first major support at $3,375. A break below this level could push the price towards the $3,320 support, followed by the $3,220 support level. The next key support sits at $3,110. The hourly MACD for ETH/USD is showing a loss of momentum in the bullish zone, while the hourly RSI is currently above the 50 zone. The major support level is at $3,425, with the main resistance level at $3,550.
In conclusion, Ethereum price has shown signs of a recovery wave from the $3,220 support level and is currently facing resistance at $3,550. If the price manages to break through this level, it could see further gains towards $3,650 and beyond. However, failure to break through the resistance could lead to a decline towards the $3,320 and $3,220 support levels. Traders and investors should keep a close eye on key support and resistance levels to determine the next direction of Ethereum price movements.
