Ethereum Rises Above $3,550, Faces Resistance at $3,720

Ethereum is experiencing a recovery wave, surpassing the $3,350 and $3,400 thresholds. It is currently trading above $3,500 and the 100-hourly Simple Moving Average, having broken a bearish trend line at $3,350.

The price is above $3,550, with possible resistance around $3,650 and $3,720.
If Ethereum clears the $3,750 resistance, it could reach $3,820, possibly rising further to $3,880 or even $3,925.

An image of the Ethereum Price chart is available:

Potential Decline Scenario

If unable to break the $3,650 resistance, Ethereum may decline.
Initial support levels are near $3,580 and $3,500.
A drop below $3,500 could see Ethereum fall towards $3,450, or further to $3,350.
Key support zones are at $3,250 and $3,220.

Technical Indicators:

Hourly MACD: Gaining bullish momentum.
Hourly RSI: Above the 50 zone.

Major Support Level: $3,500

Major Resistance Level: $3,650