CandleFocus

Ethereum Price Poised for Recovery: Will It Reignite The Uptrend?

Author: Content Editor
The Ethereum price is currently moving higher and showing bullish signs. It failed to clear the $3,800 resistance level and experienced a correction, dropping below support levels at $3,650 and $3,600. However, it has since found support at $3,550 and is attempting a fresh increase. The price is now trading above $3,600 and the 100-hourly Simple Moving Average. It may face hurdles near the $3,650 level and there is a bearish trend line forming with resistance at $3,650. The first major resistance is around $3,685, followed by a main resistance at $3,750. A clear move above $3,750 could push the price toward $3,800, with the potential for further gains towards $3,880 or $3,920. Conversely, if the $3,650 resistance is not cleared, Ethereum could experience another decline and find support at $3,580 and $3,550. Further losses may push the price towards the $3,440 support level, with the next key support at $3,350. The hourly MACD is gaining momentum in the bullish zone and the hourly RSI is above the 50 zone.

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