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Ethereum (ETH) price prediction: resistance level $3,770, targeting the $3,850 range.
Ethereum (ETH) price broke through the $3,720 range, showing strong bullish signals and may continue to pump, targeting the $3,850 range. As the price rises, ETH is gradually establishing strong support and resistance levels, and market momentum indicates potential for further rise.
Ethereum price broke through $3,720 and tested $3,860 Ethereum price has started a new round of pump above the $3,660 range, surpassing Bitcoin's performance. ETH quickly broke through the $3,720 resistance level, maintaining a bullish trend. Bulls even pushed the price above $3,800, ultimately testing the $3,860 range.
After reaching a high of $3,859, the price slightly corrected and fell below the 50% Fibonacci retracement level. The price has retraced to the 61.8% Fibonacci retracement level, correcting the previous rise from $3,481 to $3,859.
Currently, the price of Ethereum is still above $3,650 and is positioned above the 100-hour simple moving average. In addition, a key bullish trend line has formed on the ETH/USD hourly chart, with support at $3,670.
Future Resistance Level Analysis On the upside, the ETH price may face a resistance level at $3,770. The next important resistance level is near $3,800. The main first resistance level is around $3,850, and breaking this level could push the price further up, even challenging $3,920.
If the price breaks through the $3,920 resistance level, it may trigger more bullish momentum, and in the short term, Ethereum is expected to break through the $4,000 or even $4,200 resistance range.
Downside Risk Analysis If Ethereum fails to break through the resistance level of $3,770, it may begin a downward correction. The initial downward support level is at $3,670, with the main support level at $3,650.
If the price clearly breaks below the support level of $3,620, it may push the price down to the support range of $3,550. Further losses could lead the price to drop to $3,450, or even lower. The next key support level is at $3,320.
Technical Indicator Analysis
Conclusion Ethereum has shown strong bullish momentum after breaking through $3,720. Although there may be some correction risks in the short term, after breaking through the key resistance level, ETH is expected to rise further. Investors should closely monitor key support and resistance levels to determine whether it can break through the $3,850 range.