Ethereum is currently captivating the crypto market with its strong upward trajectory, signaling a potentially significant rally. Bulls are firmly in control, eyeing fresh highs as the digital asset demonstrates remarkable resilience and bullish indicators.
- Ethereum's price has recently initiated a fresh increase, confidently pushing above the $3,720 zone and currently trading above $3,670.
- The cryptocurrency maintains a critical position above its 100-hourly Simple Moving Average, reinforcing its positive market sentiment.
- A key bullish trend line is providing substantial support at the $3,670 level on the hourly chart, a vital indicator for continued growth.
- Analysts predict that if ETH sustains support above $3,650, it could embark on a fresh rally.
- The price has already tested the $3,860 zone, forming a high at $3,859, showcasing the strength of the recent gains.
- Immediate resistance levels are noted near $3,770, followed by the significant $3,800 mark.
- A decisive breakthrough above the $3,850 resistance could propel Ethereum towards new targets of $3,920, with potential extensions to $4,000 or even $4,200 in the near term.
- Despite a minor correction below the 50% Fib retracement level (from $3,481 low to $3,859 high), the price has swiftly recovered.
- For downside protection, major support levels are located at $3,670, $3,650, and crucially, $3,620.
- A failure to hold $3,620 might lead to further declines towards $3,550, and potentially $3,450, with the next strong support at $3,320.
- Technical indicators reveal that while the Hourly MACD is losing some bullish momentum, the Hourly RSI remains robustly above the 50 zone, indicating an underlying bullish bias.
