Ethereum price is showing signs of recovery from the $3,320 zone, aspiring to exceed the $3,450 resistance mark. It is currently trading above $3,365 and the 100-hourly Simple Moving Average.
The momentum gained by breaking above a short-term declining channel with resistance at $3,350 on the ETH/USD hourly chart hints at a potential bullish turnaround.
Facing resistance near the $3,400 level, there's a strategic challenge at the 76.4% Fib retracement of the recent decline from $3,444 high to $3,310 low. Key support is observed at $3,320, with significant resistance forming near $3,450, indicating that clearing this level might propel the price towards $3,550 and possibly $3,650.
In contrast, failure to overcome the $3,400 mark could trigger another decline, pushing the price towards key support levels like $3,320 and potentially $3,250. Technical indicators, such as the hourly MACD gaining momentum in the bullish zone and the RSI above the 50 zone, support a positive market sentiment for Ethereum.
