Ethereum (ETH): Holding One Critical Level Might Trigger Massive Upside

  • ETH holds its gains beyond the $3,320 foothold.
  • The altcoin trades above $3,320 and 100hr SMA.
  • ETH 1hr chart reveals a vital contracting triangle emerging with $3,415 resistance (data from Kraken).
  • The alt might launch another leg-up if it overpowers the resistance at $3,435 and $3,450.

Ethereum has its price consolidating beyond the support of $3,320. The leading alternative token should overcome $3,450 for new surges in the short term.

ETH Contemplated Further Gains

Ethereum launched a brief downside retracement from the $3,480 mark. The crypto dropped under the $3,450 and $3,440 footings. It even spiked under $3.4K, but bulls remained active around the $3,335 mark.

The downward actions had ETH forming a low at $3,335, and the token surges at the moment. Ethereum surpassed the resistance zone at $3.4K. Also, it saw a move past the 50% Fibonacci retracement of the latest drop to $3,334 from the $3,482 peak. Nevertheless, the price encounters resistance around the $3,420 mark.

The alt met sellers beyond the 61.8% Fibonacci retracement of the latest $3,482 – $3,334 downward move. Also, the hourly ETH/USD chart shows a crucial contracting triangle developing with $3,415 resistance.

Ethereum will meet the next massive resistance at $3,450. Moreover, the leading alt has to overcome this hurdle to launch a new upsurge. Such a scenario would see the price surpassing the $3,500 mark. Bulls would have their next stop around the $3,650 value region.

Dips in Ethereum?

Ethereum’s failure to launch uptrends beyond $3,420 might welcome new downswings. The downward journey will meet the first downside support at $3,360. Another reliable support floor stands at $3,350.

Nevertheless, ETH’s primary foothold sits at $3,320 and a connecting optimistic trend-line. Breaching this level and 100-hour Simple Moving Average may trigger additional pressure on bulls in the short term. Such cases might see Ethereum sliding towards the $3,250 mark.

For now, Ethereum bulls should fight for stability beyond $3,420. Holding above this area is essential for ETH’s upcoming bullish run. Broad market sentiment remains critical for ETH’s directional bias. Moreover, a U-turn by Bitcoin might see ETH on downswings.

Crucial support level: $3,320

Critical resistance level: $3,450

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