Ethereum (ETH) Resumes Uptrend: Key Resistance Levels To Watch As Bulls Regain Strength

Ethereum is back on an upward trajectory after finding solid footing at the $3,051 key support level, sparking hopes for continued bullish momentum.

Ethereum price analysis shows that the world’s second-largest cryptocurrency by market cap is back on an uptrend after finding solid footing at a critical support level. The recent rebound sparks hopes for continued bullish momentum.

As the uptrend resumes, traders are keeping a close eye on critical resistance zones that will determine Ethereum’s next move. Will this recovery lead to a sustained rally, or will the market face renewed selling pressure?

This analysis aims to examine Ethereum’s recovery as it resumes its uptrend after defending a critical support level. By analyzing key resistance zones and market dynamics, we will attempt to uncover potential scenarios for ETH’s price movement and gain insights into whether the uptrend can continue or encounter renewed selling pressure.

Ethereum price rebounded from the critical support level at $3,051, displaying a recovery as it approaches the resistance at $3,360. The cryptocurrency is trading above the 100-day SMA on the 4-hour chart, indicating sustained upward strength.

If resistance is overcome, the analysis suggests that ETH may continue to rise.

A closer examination of the 4-hour Relative Strength Index reveals that the indicator is attempting to rise above the 50% level after falling to 41%. This shift in momentum could be significant.

Failure to break above this level may indicate ongoing bearish pressure.

On the daily chart, ETH is displaying strong upside movement, which is highlighted by the formation of bullish candlestick patterns.

The asset is trading above the key 100-day SMA, further confirming the positive trend. As the cryptocurrency continues on this upward path, it boosts market confidence, paving the way for potential gains, with the $3,360 target in sight.

Finally, the daily RSI is at 63%, indicating strong optimism after recovering from a dip to 60%. This rebound signals a resurgence in buying pressure, suggesting a shift toward a more favorable market outlook.

The RSI’s steady rise indicates that the asset may sustain its upward strength, reinforcing the ongoing bullish trend and paving the way for more growth.

As Ethereum price gains momentum, critical resistance levels come into play, setting the stage for the next phase of its price movement.

The immediate resistance to watch is at the $3,360 mark, which has served as a strong barrier to ETH’s uptrend in the past. A successful break above this level could lay the groundwork for Ethereum to target the next resistance at $3,659.

However, if the $3,360 level holds as resistance, ETH may consolidate or pull back before making another attempt at breaking through.