As an experienced analyst, I have closely observed Ethereum’s price action and market trends. Based on the current situation, I believe that Ethereum is showing signs of a strong recovery after a brief dip below the $3,550 resistance level.
Ethereum‘s price has recently taken off from around $3,365. Compared to Bitcoin, Ethereum has shown stronger growth and could potentially reach the resistance level of $3,800.
- Ethereum started a recovery after the bulls appeared near the $3,365 zone.
The price is trading above $3,550 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance near $3,550 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend gains if it stays above the $3,550 pivot level.
Ethereum Price Outperforms Bitcoin
The price of Ethereum fell below the resistance points of $3,550 and $3,500, reaching a low of $3,364. Despite this, Ethereum bulls showed significant determination around the $3,350 mark, initiating a fresh surge that outpaced Bitcoin’s growth.
Above the $3,450 and $3,550 thresholds, there was a significant price surge. The bearish trend line with a resistance point at around $3,550 on the ETH/USD hourly chart was breached. The pair continued to advance, surpassing the $3,600 mark and reaching towards the $3,650 resistance.
At a price of $3,649, a peak was reached before there was a drop below the $3,620 mark. The cost then dipped below the $3,600 support threshold and the 23.6% Fibonacci retracement level, which signifies a pullback during the price surge from the $3,364 trough to the $3,649 peak.
As a researcher observing the Ethereum market, I notice that the cryptocurrency is currently trading above the $3,550 mark and has surpassed the 100-hour Simple Moving Average. Should there be any further price increase, it’s likely that Ethereum will encounter resistance around the $3,620 level.
As an analyst, I’ve identified the first significant resistance point around $3,650. Overcoming this barrier could propel the price upward. Further up the chart, the next crucial resistance lies at $3,720. Surmounting this hurdle may grant the price the momentum it needs to ascend towards the $3,800 mark.
If Ether breaks through the $3,800 barrier, it may advance towards the $3,880 resistance point. Further progress could potentially push Ether towards the $3,950 resistance area.
Are Dips Limited In ETH?
If Ethereum is unable to surpass the $3,620 resistance point, it may head lower instead. The initial support for Ethereum can be found around $3,550. The first significant level of support lies at $3,500 and also marks the 50% Fibonacci retracement level following the price increase from the $3,364 swing low to the $3,649 peak.
If the price falls significantly below the $3,500 mark of support, it could potentially lead to a drop towards $3,420. Further declines may cause the price to head towards $3,365 in the short term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 zone.
Major Support Level – $3,550
Major Resistance Level – $3,650
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2024-06-17 08:46