ETHUSD Bullish Momentum Builds Toward Key Resistance Levels

ETHUSD bullish momentum strengthens as it pushes toward critical resistance levels. The price action confirms a decisive breakout from a long-term descending trendline, effectively invalidating bearish control and cementing bullish dominance. The 0.618 Fibonacci retracement level, situated at $3,030, provided substantial support, fueling the ongoing rally. The price has surpassed the 0.5 Fibonacci level at $3,230, signaling further continuation toward higher price zones, with $3,970 now emerging as the next major resistance to watch.

Projections indicate that ETHUSD is likely to sustain its upward trajectory, with $3,970 serving as a crucial level. A successful breakout above this point could propel prices toward $4,110, followed by a potential test of $4,870 if the bullish momentum persists. Conversely, $3,030 remains a pivotal support level to uphold the bullish structure and maintain the current trend.

ETH Key Levels

Demand Levels: $3970.0, $4110.0, $4870.0
Supply Levels: $3030.0, $2500.0, $2120.0

What Are the Indicators Saying?

The RSI (Relative Strength Index) currently stands at 51.28, signaling neutral momentum with a bullish tilt as it steadily moves away from the oversold zone of 45.91. This shift reflects improving market sentiment. The Simple Moving Average (SMA), positioned at $3,320, aligns closely with the prevailing price of $3,400, reinforcing the ongoing bullish recovery and providing additional confirmation of upward momentum.

Notably, the RSI divergence observed in December underscores a significant retracement, which further supports the broader bullish outlook. This divergence adds weight to the argument for continued recovery, suggesting that the bullish trend remains intact.

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