#Ethereum #ETHUSD #CryptoMarket #TechnicalAnalysis #BullishTrend #CryptocurrencyNews #MarketRecovery #TradingView
Ethereum’s recent price actions suggest a significant uptick above the critical $3,500 mark, signaling a buoyant mood among traders and investors alike. With Ethereum initiating a notable recovery wave surpassing the $3,350 barricade, the digital asset showcases resilience amidst the broader market’s volatility. Trading comfortably above $3,450 and the 100-hourly Simple Moving Average positions Ethereum in a relatively bullish stance. This upward trajectory is further corroborated by a breach above a short-term bullish flag pattern with the resistance pinpointed at $3,480 on the hourly chart of ETH/USD, as noted from the data sourced via Kraken.
Upon surpassing the $3,500 resistance, Ethereum’s rally appears more pronounced, moving into a positive zone akin to Bitcoin’s recent ascendancy. The attainment of a high at $3,587, albeit followed by a minor pullback, underlines the buyers’ capacity to instigate a recovery wave from a swing low of $3,059 to a peak of $3,587. Despite a transient dip below the $3,500 level, the bulls seemingly regrouped around the $3,400 support, underscoring the presence of strong buying interest at lower levels. The subsequent breakthrough above the $3,480 resistance highlights a renewed vigor among the bulls, potentially steering Ethereum to pivot above the $3,500 benchmark alongside maintaining its stance over the 100-hourly Simple Moving Average.
Looking forward, Ethereum faces its next crucial battle at the $3,580 resistance zone. Overcoming this hurdle could propel the cryptocurrency towards the $3,670 level, beyond which a bullish momentum might concretize, potentially directing Ether towards the coveted $3,800 mark. Surpassing this level might set the stage for Ethereum to target the $4,000 resistance, with further gains potentially challenging the $4,080 mark. Conversely, failure to breach the $3,580 resistance could trigger another downturn, with primary support anticipated near the $3,410 level. Technical indicators, including the bullish momentum in the hourly MACD and the RSI edging above the 50 level, align with a positive outlook for Ethereum, emphasizing a robust support foundation at $3,400 against a major resistance level at $3,580.
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