- Ethereum tests crucial resistance at $3,750, aiming for further gains.
- Bullish momentum continues with key support at $3,660 and $3,620.
Ethereum (ETH) has shown resilience over the past week, with its price reaching a 19-day high of $3,745. The second-largest cryptocurrency by market cap is trading at $3,680, reflecting a 0.50% gain in the last 24 hours and a 10% increase over the past seven days. Despite being 25% below its all-time high (ATH), Ethereum’s trading volume surged by 51%, signaling growing investor interest.
As Ethereum has successfully extended its recovery above the $3,650 mark, it drives bullish momentum. A connecting bullish trend line indicates support around $3,660, a key area to watch as traders monitor the next price movement. ETH also trades above the 100-hour Simple Moving Average, reinforcing its current uptrend.
ETH Price Chart, Source: Sanbase
Moreover, A significant resistance level lies at $3,750, with further barriers at $3,780 and $3,850. A breakout above these levels could pave the way for Ethereum to test the $4,000 mark soon. On the downside, immediate support is visible at $3,660, followed by critical levels at $3,620 and $3,550, which could act as safety nets in the event of a pullback.
Is Ethereum Geared Up For a Rally?
The broader cryptocurrency market sentiment appears optimistic, as reflected in a Fear and Greed Index score of 61, indicating “Greed.” Ethereum’s Relative Strength Index (RSI) of 60 suggests moderate bullishness, supported by the asset holding above its 50-day Exponential Moving Average at $3,490.
However, caution remains essential. Ethereum is testing the critical $3,675 resistance zone, where a double-top pattern suggests the potential for either a breakout or a reversal. A clear move above this level could ignite a fresh bullish rally.
As traders closely watch these pivotal levels, Ethereum’s next move could shape its trajectory in the coming days.
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