Ethereum Price Remains Above $3,550 as It Eyes $3,800 Resistance

Ethereum price has found support near $3,400 and is currently rising, potentially targeting the $3,800 zone.

ETH started a fresh increase above $3,440 and $3,550.
Price is trading above $3,550 and the 100-hourly Simple Moving Average.
A key bullish trend line is forming with support at $3,620 on the hourly chart.
Maintaining support above $3,600 could lead to further gains.

Price Movement Overview

After a decline from $3,880, Ethereum dropped below $3,750 and $3,500, testing the $3,365 support level. A low was established at $3,369, but the price has since risen above $3,450 and $3,500.

The price surpassed the 50% Fib retracement level of the recent downward move. Currently, ETH is above $3,550 and the 100-hourly Simple Moving Average with support at $3,620.

Potential resistance levels include:

$3,720
$3,750 (near the 76.4% Fib retracement level)
$3,800 (first major resistance)
$3,880 (next key resistance)

Downside Risks

If Ethereum fails to break through the $3,750 resistance, it may experience a downside correction. Key support levels are:

$3,620 (initial support)
$3,600 (major support)
$3,550
$3,450

Technical indicators show that:

The MACD for ETH/USD is gaining momentum in the bullish zone.
The RSI for ETH/USD is above 50.