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ETHUSD resumes its overall trend to the upside. The overall trend of the market has been bullish since the invalidation of the trendline in November 2024. A recent bounce occurred from the support level at $3000.0, a psychological price. This bounce, coupled with a break above the descending trendline from earlier highs, signifies a shift in sentiment. Additionally, the pair targets a major resistance level at $4110.0, as buyers continue to dominate in the current bullish wave. The resistance became significant following the major retracement from the $4110.0 level. If ETHUSD sustains its bullish trajectory, it is expected to challenge the $4110.0 resistance level in the near term. A successful breakout above this level could propel prices toward $4870.0.
ETH Key Levels
Demand Levels: $4110.0, $4870.0, $6010.0
Supply Levels: $3000.0, $2500.0, $2120.0
What Are the Indicators Saying?
The 9-day SMA (Simple Moving Average) currently trades at the price of $3280.0 and sits just below the price level of $3330.0, confirming upward momentum. Meanwhile, the RSI (Relative Strength Index) at 47.25 remains neutral but has room to rise, suggesting the market is not yet overbought, which allows for further upside movement. Both indicators suggest that the looming bullish trend is highly probable in Ethereum’s market.
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