Ethereum has seen a rise in price, reaching above $3,500 but facing resistance at $3,580. To continue on a positive trend, ETH needs to surpass the $3,650 resistance level.
Currently, Ethereum is consolidating its gains below the $3,650 resistance zone and is trading above $3,500 along with the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a short-term rising channel is forming with resistance near $3,585.
For Ethereum to gain bullish momentum, it must clear the $3,600 and $3,650 resistance levels. If successful, the next key resistance levels are at $3,720, $3,750, and potentially even $3,880 and $4,000 in the days ahead.
However, if Ethereum fails to break the $3,600 resistance, it could see a decline. Initial support levels are at $3,520 and $3,500, with further support at $3,465 and $3,400 if the price continues to drop.
Technical indicators show that the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is above the 50 zone.
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