Ethereum Price Prediction: Short-term may test $3,500 resistance level

Ethereum price continues to rise, breaking through the $3,400 mark Ethereum price has recently successfully broken through the key resistance range of $3,000 and $3,050, showing strong upward momentum. The price is currently above $3,350 and has entered a consolidation phase after reaching a peak of $3,423 in this round of rise. ETH is currently above $3,300 and remains above the 100-hour simple moving average. A key upward trend line has formed on the hourly chart, with support near $3,300, indicating that bulls are still dominating the market.

Upside Resistance and Target Price The first resistance level Ethereum faces in the short term is at $3,350, followed by $3,400, and a breakout above $3,420 will be crucial. If it manages to hold this position, the price of ETH is expected to rise further to $3,500, and even challenge the range of $3,550 to $3,650.

Pullback Support Level Situation If the price fails to break through $3,420, a downward correction may occur. The first support level is at $3,300, followed by $3,220. If it falls below this level, the price may retrace to $3,180, or even $3,050 or $3,020. In terms of technical indicators, the MACD shows an increase in bullish momentum on the hourly chart, and the RSI remains above the 50 level, indicating that the bulls still have the upper hand.

Technical Analysis

• Hourly MACD: Located in the bullish zone, momentum is strengthening.
• Hourly RSI: Stays above 50, reflecting strong buying pressure
• Key support levels: $3,300, $3,220
• Key resistance levels: $3,420, $3,500

Conclusion: Ethereum's recent price trend continues to be strong. With good technical support and an increase in market sentiment, if it can break through the key resistance level, it is expected to open up upward space. In the short term, attention should be paid to the $3,300 support and the $3,420 breakthrough situation, which will become the key nodes determining future trends.