Ethereum's price has bounced back from the $3,220 mark, starting a recovery wave. It's now moving upwards, trading above $3,420, and could climb higher if it breaks through the $3,520 and $3,550 resistance levels. A bullish trend line is forming with support at $3,425.
Ethereum cleared some initial resistance points, but faces major resistance at $3,550. If it breaks above, the next targets might be $3,650 and even $3,720. However, if it fails to clear these resistances, it could fall back to supports at $3,425, $3,375, or even down to $3,220.
Technical indicators such as the hourly MACD show bullish momentum, but it's losing strength. The RSI sits above 50, indicating a potential upward trend. The bears are active, keeping the price below critical resistance points, but Ethereum might still surprise us with a push above $3,550.