Ethereum's price has started a fresh recovery wave, stabilizing above $3,400 and targeting a new increase past $3,500. The cryptocurrency is consolidating and trading above $3,420 alongside the 100-hourly Simple Moving Average, indicating potential bullish momentum. A trend line providing support at $3,420 on the ETH/USD chart could aid price ascent if $3,500 resistance is overcome.
The bull run saw significant resistance points surpassed at $3,350, $3,420, and $3,450, leading Ethereum to a high of $3,502. After this peak, ETH has been consolidating, with minor dips observed below the 23.6% Fib retracement level, but still trading above $3,400.
Facing hurdles near $3,480, Ethereum's first significant resistance stands at $3,500, with the main challenge at $3,550. Breaking these levels could trigger further price increases towards $3,650 and even $3,780 or $3,880 in the short term.
Conversely, failure to breach $3,500 might spark another decline in Ethereum's value. Initial support levels could emerge near $3,420 and $3,400, with subsequent retracements potentially pushing prices to $3,350 and further to $3,280 if bearish trends strengthen.
Key technical indicators reflect a positive sentiment. The hourly MACD is gaining bullish momentum, while the RSI is positioned above the 50 mark, supporting potential upward movement.
