Ethereum Faces Key Resistance at $3,650 Amid Upward Move

Ethereum Price Update

Ethereum has initiated an upward movement, breaking above $3,420 and reaching over $3,500.
The price is currently trading above $3,550 and the 100-hourly Simple Moving Average.
A bullish trend line with support at $3,520 is forming on the hourly chart of ETH/USD.
The price faces resistance near $3,650, with further resistance levels at $3,710 and $3,740.

Resistance and Potential Upside

Ethereum managed to stay above $3,250, entering a recovery phase similar to Bitcoin. The price surpassed key resistance levels at $3,350 and $3,420. It is now approaching significant resistance around $3,650.

If Ethereum breaks past $3,740, it may rise towards $3,880. Surpassing this could lead to further gains, potentially reaching the $3,920 or even $3,950 zone.

Ethereum Price

Possible Pullback

If Ethereum cannot surpass the $3,650 resistance, a decline might occur. Initial support lies near $3,540, followed by major support at $3,485. Falling below $3,485 could push the price down to $3,360 or even $3,260 in the short term, with additional support at $3,200 and $3,180.

Technical Indicators

Hourly MACD: Losing momentum in the bullish zone.
Hourly RSI: Positioned above 50.
Major Support Level: $3,485
Major Resistance Level: $3,650