Ethereum price has been showing positive signs as it started a decent upward move from the $3,080 support zone. The cryptocurrency is currently on a path to recovery and could potentially aim for a test of the $3,500 resistance zone. Ethereum has been able to break above a key bearish trend line with resistance at $3,280 on the hourly chart, which is a bullish signal for further upward movement.
The price of Ethereum is currently trading above $3,250 and the 100-hourly Simple Moving Average, indicating strength in the market. If the price continues to stay above the $3,280 support zone, it could potentially continue its upward trajectory. The next major resistance levels to watch for are at $3,400, $3,450, and $3,500. A close above the $3,450 level might send Ethereum towards the $3,500 resistance, with the next key resistance at $3,550 and a potential move towards the $3,720 resistance zone in the near future.
On the downside, if Ethereum fails to clear the $3,400 resistance level, it could start a downside correction. Initial support is near $3,280, followed by the $3,250 zone, and then the $3,180 support level. Any more losses might push the price towards the $3,120 and $3,080 support levels. However, the technical indicators are currently showing positive signs for Ethereum, with the MACD gaining momentum in the bullish zone and the RSI above the 50 zone.
In conclusion, Ethereum price is poised for a steady increase towards the $3,500 resistance level, with key resistance levels at $3,400, $3,450, and $3,500. On the downside, initial support levels are at $3,280, $3,250, and $3,180. The technical indicators are showing positive signals for further upward movement in the Ethereum price, with the MACD gaining momentum and the RSI above the 50 zone. Overall, Ethereum is on track for a potential bullish trend in the near future.
