Ethereum exhibits positive momentum, hovering above $3,550. To sustain its upward trajectory, ETH must surpass the $3,680 resistance.
Price Trends and Analysis
- Above $3,550: Ethereum initiates another ascent, trading beyond $3,550 alongside the 100-hourly Simple Moving Average.
- Bullish Trend Line: An encouraging development, a significant bullish trend line forms, indicating support at $3,590 according to the hourly chart of ETH/USD sourced from Kraken.
Uptrend Continuation
- Breaking Resistance: The pair could extend its rally upon breaching the crucial $3,680 resistance barrier.
- Upsurge Scenario: If successful, Ether might rally towards $3,800, potentially even challenging the $3,880 mark, with further gains eyeing a test of $4,000.
Support Amidst Decline
- Downside Protection: Failure to surpass $3,640 resistance may trigger a downturn. Initial support resides around $3,590 and the established trend line.
- Critical Support Levels: Should declines persist, primary support rests near the $3,550 zone, followed by potential reinforcement at $3,500 or the 50% Fib retracement level.