Ethereum The pair is back on its bullish path after finding a strong foundation at the key support level at $3,051, raising hopes for continued bullish momentum. The recent rebound highlights the strength of buyer interest, as ETH resists bearish attempts to push prices lower.
As the upward trend resumes, Merchants They are closely monitoring critical resistance areas that could constitute the next move for Ethereum. Will this recovery lead to a continued rally, or will the market face renewed selling pressure?
This analysis aims to examine Ethereum’s recovery as it resumes its uptrend after defending a critical support level. By analyzing the main resistance areas and market Dynamics, we seek to reveal possible scenarios for ETH price movement and provide insights into whether the uptrend could gain further momentum or face renewed selling pressure.
Ethereum Recovery: Key Support Level That Holds
Ethereum has rebounded from the $3,051 support level, regaining upward strength as it approaches the $3,360 resistance level. Trading above the 100-day simple moving average on the 4-hours chart highlights continued bullish strength, potentially supporting further gains if resistance is overcome.
Analysis of the 4-hour Relative Strength Index (RSI) reveals that the 4-hour RSI is trying to rise above the 50% level after falling to 41%, indicating a potential shift in momentum. A move above 50% may indicate increased buying pressure and support for an ongoing uptrend, while failure to break above this level may indicate continued bearish pressure.
The daily chart shows this Ethereum The pair is witnessing a strong upward trend, highlighted by the formation of bullish candlestick patterns. Trading above the 100-day simple moving average confirms the positive trend of the asset. As the cryptocurrency continues on this upward trajectory, it is boosting market confidence, paving the way for it possible Gains, with a $3,360 target in sight.
Finally, the Relative Strength Index on the daily chart is at 63%, reflecting strong optimism after recovering from a decline to 60%. This recovery indicates a return to buying pressure, indicating a shift towards a more favorable market outlook. The steady rise of the RSI indicates that the asset may maintain its upward strength, promoting its continuation rising trend and pave the way for further growth.
Critical resistance levels to watch as ETH gains momentum
Like Ethereum Gaining momentumkey resistance levels become crucial in determining the next phase of the price movement. Immediate resistance to watch is at the $3,360 mark, which has historically served as a strong barrier to ETH’s upside. A successful break above this level could pave the way for Ethereum to target the next resistance level at $3,659.
However, if $3,360 remains as resistance, ETH could face a period of consolidation or pullback before making another attempt to break it.
Featured image from Unsplash, chart from Tradingview.com
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