Summary: Ethereum Price Battles Key Levels – Will Buyers Step Back In?

Ethereum (ETH) is showing signs of a strong comeback after successfully navigating a recent downturn and finding solid ground. The popular cryptocurrency is currently gaining momentum, with market watchers anticipating a continued upward trend as it aims to reclaim significant price levels. After a noticeable correction from its $3,880 high, Ethereum's price dropped, eventually locating crucial support near the $3,400 zone, with a low point at $3,369. This dip was short-lived, as ETH swiftly initiated a fresh ascent, surpassing the $3,450 and $3,500 resistance marks. It is now trading firmly above $3,550 and the 100-hourly Simple Moving Average. Technical analysis further indicates the formation of a key bullish trend line with robust support at $3,620 on the hourly chart, suggesting that buyers are stepping back in with conviction. For this positive momentum to continue, Ethereum needs to hold its position above the $3,600 threshold. Key resistance levels are ahead, starting near $3,720, followed closely by $3,750, which coincides with a significant Fibonacci retracement level from the recent downtrend. The ultimate challenge on the immediate horizon is the $3,800 mark. A decisive breakout above this level could propel ETH towards $3,880 and potentially open the door for a rally towards $4,000, or even an ambitious $4,120 in the near term, fueled by bullish sentiment and strong technical indicators like the Hourly MACD showing upward momentum and the Hourly RSI holding above 50.