Ethereum Price Surges 10%: What’s Next?

Ethereum is making big moves in the market, with a 10% surge pushing its price over $3,550. The digital currency has been on the rise, starting from a support level of $3,250 and continuing to climb.

On the hourly chart of ETH/USD, there was a breakthrough of a bearish trend line with resistance at $3,375. This led to a significant increase in price, surpassing key resistance levels at $3,350 and $3,400. Ethereum bulls were in control, pushing the price above $3,500 and $3,550, ultimately reaching as high as $3,688.

Currently, Ethereum is trading above $3,550 and the 100-hourly Simple Moving Average, signaling a positive trend. Despite a slight correction below the $3,650 level, the price is still above key support levels and showing strong potential for further gains.

Looking ahead, Ethereum may face obstacles near the $3,650 level, with a major resistance forming at $3,720. However, a clear breakthrough above $3,720 could pave the way for the price to reach $3,840 and beyond. In a bullish scenario, Ethereum could target the $3,950 resistance zone and possibly even reach $4,000.

On the flip side, if Ethereum struggles to break the $3,685 resistance, it may experience a decline. Initial support levels are at $3,585 and $3,550, with further downside potential towards $3,470 and $3,350. Key support remains at $3,250, providing a safety net for potential price drops.

Overall, Ethereum is showing signs of strength and potential for further gains, with technical indicators pointing towards a positive trajectory. Keep an eye on key resistance and support levels to gauge the market’s next moves.