It breaks over $3,300 as a business volume.

TLDR

Ethereum started a wave of recovery, breaking above $3,250 and maintaining its position above $3,300. Technical analysis on the hourly chart shows a break above the bearish trend line at $3,320, before a minor correction, the price reached a high of $3,473 with $3,280 and $3,200 potential. Potential support levels point to resistance at $3,420 and $3,480 are identified, with possible targets at $3,550 and $3,650.

The cryptocurrency market showed renewed activity as Ethereum, the second largest digital asset by market capitalization, rose above $3,300. Recent price action shows that Ethereum has held a position above critical support levels while testing new resistance points.

According to Kraken market data, Ethereum has cleared the $3,240 level and started an upward trend. The move, measured against Bitcoin's recent performance, established a series of high-lows that technical analysts consider a bullish indicator.

The digital asset breached several key resistance levels, including $3,300 and $3,320, placing it in what traders call a “positive zone.” This zone represents a price range where buying pressure typically exceeds selling pressure, creating favorable conditions for further upward movement.

In recent price action, Ethereum has topped its current recovery level and hit a local high of $3,473. Following this high, the price bounced back slightly, which traders see as a normal consolidation pattern after a strong uptrend.

Technical analysis of the hourly chart shows the formation and break of a bearish trend line at the $3,320 level. This technical development indicates that sellers' control over the market may be weakening, which could pave the way for further price appreciation.

The price is holding a position above the 100-hour simple moving average, which is a technical indicator that many traders use to determine the overall market trend. This position above the moving average usually indicates positive market sentiment and is often used as dynamic support.

The current market structure shows Ethereum resistance near the $3,400 mark, with additional profit resistance at $3,420. These levels represent price points where selling pressure has historically increased, requiring strong buying momentum to overcome.

The $3,480 level has emerged as a key resistance zone that traders will be watching closely. A critical break above this level could trigger buying activity, which could push the price towards the $3,550 mark.

If the buying pressure of market participants continues and Ethereum successfully clears the $3,550 resistance, the next target may be the $3,650 zone, with some analysts pointing to $3,720 as an extension target.

Support levels are established at various price points, with $3,280 serving as the first support zone. Below, the $3,200 level represents a strong support area, along with the 50% Fibonacci retracement level of the recent move from $2,912 to $3,473.

Trading indicators present a mixed but mostly positive picture. The MACD (Moving Average Convergence Divergence) indicator shows increasing momentum in the bullish zone, while the Relative Strength Index (RSI) holds its position above the 50 mark.

Volume analysis shows steady buying pressure, although traders note the need for increased volume to support any sustained move above the current resistance level.

The lower support zones at $3,120 and $3,050 will provide further upside if there is any corrective movement. The psychological $3,000 level serves as the main support zone that traders expect to hold in normal market conditions.

Market order books show accumulation patterns at current levels, indicating institutional interest in building positions at these prices.

Recent trading data indicates a preference for long positions over shorts, although the ratio remains within historical norms.

The technical formations on the higher time frames are consistent with the analysis of the hourly chart, which supports the possibility of an upward trend.

The market structure suggests room for further price appreciation, with support expected above key moving averages.