Ethereum Rebounds After Breaking $3,600 Support Level

Ethereum (ETH) has seen a rebound in its price after breaking the $3,400 mark. As of writing, the leading altcoin has reached a high of $3,570.

The positive momentum could push the price towards the psychological level of $4,000, with resistance expected around $3,800. However, the recent high is the first hurdle in the upward trend.

On the downside, if the altcoin retraces, it might fall below the $3,400 breakthrough level. Support above $3,400 is expected to propel the altcoin upward. If this initial resistance is overcome, the market will continue its uptrend. Meanwhile, Ether is pulling back but remains above the $3,600 support level.

Ethereum Indicator Analysis

Ether has broken above the 21-day moving average support level and surpassed the $3,600 mark. The altcoin has hit resistance and is now pulling back. A doji candlestick has formed, leading to a minor retracement. On the positive side, the breakout has surpassed the extended candlewick.

Technical Indicators:

• Resistance levels – $4,000 and $4,500
• Support levels – $3,500 and $3,000

What’s Next for Ethereum?

On the 4-hour candlestick chart, Ethereum is moving sideways above the moving averages but below the $3,400 level. Today, the leading altcoin recorded a strong surge, breaking through the $3,400 resistance. After surpassing the $3,600 support, it retraced again. Nevertheless, prices in the positive trend zone still have potential for further increase.

Disclaimer: This price analysis article serves as reference only and should not be construed as financial or investment advice. Before making any financial decisions, please conduct your own research and consult professionals.

Sentiment: Positive