TLDR
Ethereum initiated a recovery wave, pushing past the $3,240 resistance level and breaking out of a contracting triangle pattern
The cryptocurrency showed strong momentum, gaining over 5% and reaching a high of $3,473
ETH is currently trading above both $3,300 and the 100-hourly Simple Moving Average, indicating positive market sentiment
Key resistance levels are established at $3,480 and $3,500, with potential upside targets at $3,550 and $3,650
Support levels are positioned at $3,350 and $3,280, with critical support at $3,050
Ethereum has demonstrated remarkable price action in recent hours, breaking through multiple resistance levels and establishing a solid recovery pattern. The second-largest cryptocurrency by market capitalization has pushed past the $3,400 mark, recording a notable 5% increase in value.
The latest price movement began with Ethereum breaking above the $3,150 level, following Bitcoin’s broader market trend. The cryptocurrency successfully cleared several key resistance points, including $3,180 and $3,240, placing it firmly in positive territory.
Technical analysis reveals a breakthrough of a contracting triangle pattern on the hourly chart, with the previous resistance at $3,240 now serving as support. This breakout proved decisive, as ETH continued its upward trajectory, testing higher levels at $3,350 and $3,400.
The momentum carried the price to a local high of $3,473, representing a substantial recovery from recent lows. Following this peak, the market entered a consolidation phase, allowing traders to assess the sustainability of the current move.
Current trading data shows Ethereum maintaining positions above both $3,300 and the 100-hourly Simple Moving Average, suggesting sustained buyer interest. This technical positioning provides a strong foundation for potential further upside movement.
Ethereum Price on CoinGecko
The recovery’s structure appears methodical, with clear support and resistance levels established along the way. The 23.6% Fibonacci retracement level from the recent swing low of $3,186 to the high of $3,473 has been tested, with the market showing resilience above this point.
Market participants are now watching the $3,450 zone, which has emerged as an immediate hurdle. Above this, the $3,480 level presents the first major resistance point, with $3,500 serving as a psychological barrier that could influence trading behavior.
Trading volume patterns indicate healthy market participation, supporting the current price action. The steady increase in buying pressure suggests that traders are gaining confidence in the recovery’s sustainability.
The hourly MACD indicator, while still in the bullish zone, shows signs of decreasing momentum, suggesting that consolidation might continue before any further upward movement. This technical signal allows traders to prepare for potential short-term price adjustments.
Looking at potential support levels, the market has established strong foundations at $3,350, with additional support at $3,280, corresponding to the 50% Fibonacci retracement level of the recent upward move.
Should selling pressure increase, the market has multiple support levels to maintain stability. The $3,240 zone, which previously acted as resistance, now serves as a support level, with further backing at $3,120 and $3,050.
The RSI indicator remains above the 50 zone, indicating that buyers maintain control of the market momentum. This technical measure supports the broader bullish narrative developing in the Ethereum market.
Short-term price targets above current levels include the $3,550 and $3,650 zones, with some analysts pointing to $3,720 as a potential target if the current momentum continues.
The recovery pattern shows similarities to previous successful breakouts, suggesting that the market is following established technical patterns. However, traders remain vigilant of potential resistance at higher levels.
The most recent data indicates stable trading conditions above $3,400, with steady volume supporting the price action. The market continues to monitor key resistance levels for confirmation of the recovery’s next phase.
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