Ethereum price surged as it broke through the $3,550 resistance zone, achieving a 10% increase. After starting a fresh increase from the $3,250 support zone, the cryptocurrency surpassed the $3,350 and $3,400 resistance levels, supported by the bulls.
The break above a bearish trend line at $3,375 facilitated the upward movement on ETH/USD hourly chart. Ethereum managed to trade above $3,550, reaching highs of $3,688. It's currently consolidating gains and trading above the 100-hourly Simple Moving Average.
Immediate challenges lie at $3,650, with major resistance at $3,685 and $3,720. A clear break above these could lead Ethereum to targets of $3,840 and potentially $4,000.
If there's a failure to clear the $3,685 resistance, Ethereum could face a decline, with initial support at $3,585 and major support near $3,550. Further drops could see Ethereum fall towards $3,470 and possibly $3,350 support levels.
The technical indicators point towards a bullish trend, with the MACD gaining momentum and the RSI positioning above the 50 zone, indicating continued positive sentiment.
