Ethereum’s price recently surpassed the $3,500 mark but faced resistance near $3,580. In order to enter a positive zone, ETH needs to break through the $3,650 resistance level.
Currently, Ethereum is consolidating its gains below the $3,650 resistance zone while trading above $3,500 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a short-term rising channel is forming with resistance near $3,585.
For ETH to gain bullish momentum, it must clear the $3,600 and $3,650 resistance levels. The price recently reached a high of $3,586 and is now consolidating its gains. If it manages to break above the $3,650 resistance, Ethereum could see further upward movement.
On the downside, initial support lies near $3,520 and the channel trend line, with the first major support at $3,500. A drop below $3,500 could lead to further declines towards $3,465 or the 50% Fib retracement level. In terms of technical indicators, the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is currently above the 50 zone.
Looking ahead, the next key resistance levels for Ethereum are at $3,720 and $3,750. A clear break above $3,750 could pave the way for a push towards the $3,880 resistance. Further gains might even lead ETH towards the $4,000 resistance zone in the near future.