The recent Ethereum price rally above $3400 showcasing a surge in Ethereum’s value, supported by last night’s cryptocurrency market activity, shows a strong upward trend. The latest data indicates a renewed increase in Ethereum’s price, surpassing the $3400 mark. However, breaking through the $3,580 resistance is seen as crucial for sustaining this upward momentum in the short term.
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Ethereum Price Rally above $3400
To maintain its gains, Ethereum must stay above the $3,250 support zone, while trading above $3,400 and the 100-hour Simple Moving Average is a positive indicator. A significant breakout is noted above a key downtrend line with the $3,400 resistance on the hourly chart of the ETH/USD pair, signaling a strengthening uptrend for Ethereum.
https://coinmarketcap.com/currencies/ethereum/
While trading above $3,400 and the 100-hour Simple Moving Average is a positive sign, Ethereum faces immediate resistance around the $3,500 level. Surpassing this level could further boost its upward trend.
Crucial Resistance Levels
The first major resistance is at $3,550, with the key resistance at $3,580, which could propel the price towards $3,720. However, breaching the $3,720 resistance is essential for Ethereum to test the $4,000 resistance level.
In a downward trend scenario, Ethereum must surpass the significant $3,500 resistance. Failure to do so could initiate a bearish trend for the cryptocurrency.
Currently, the ETH/USD pair has support of around $3,400, with a potential drop towards the $3,250 region. Breaking below this could lead to a decline towards the critical support zone at $3,060, possibly $3,000 or even $2,880.
ETH/USD RSI
Technical indicators show the hourly MACD for ETH/USD gaining momentum in the bullish zone, while the hourly RSI is above 50, indicating active buyers in the market.
https://www.cryptowaves.app/relative-strength-index/ETH
Conclusion
To conclude, Ethereum price rally above $3400, driven by strong market activity, has surged its value above $3,400. To sustain this upward momentum, Ethereum must break through the $3,580 resistance level. Maintaining support above $3,250 is crucial, with further resistance at $3,500 and $3,550. Technical indicators suggest a bullish trend, with the RSI above 50, indicating active buyer participation.
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