Ethereum is experiencing a price recovery, trading above $3,600 as it shows signs of bullish behavior. The price is targeting a move above the $3,700 resistance zone, remaining positive above $3,500. The market is optimistic about reaching the $4,000 goal.
The ETH/USD pair, on data feed from Kraken, broke a bearish trend line at $3,600, signaling a potential upward movement. If the price clears the $3,750 resistance, it could aim for $4,000 or even $4,120.
Technical indicators such as the hourly MACD and RSI are showing bullish momentum. Support levels include $3,600 and $3,550, with potential declines towards $3,420 if resistance is not broken.
If Ethereum fails to clear $3,700, further declines could push the price below $3,550, with next major support at $3,350. However, the overall sentiment remains optimistic with indications pointing towards eventual price increase.
