Following last month’s crash, which caused some setback in the market, ETH recovered nicely and currently trades well above $3,500. Now that the trend is in an upward range again, a huge rally can be expected. Last year’s trading came with a lot of ups and downs due to an imbalance in the market but Ethereum ended it a bit calm after managing to double its price to reach a new peak of $4,107 within the span of four months. Luckily for the bulls, the demand level increased after reaccumulating well above $3,300 and the price surged consistently until it reached the $3,698 level earlier today. Although it has seen a slight rejection and now trades calmly on the day. A push above the $3,700 level could bring more recovery in the market before reclaiming the current all-time high. A break from there could set the price up for an explosive rally from a short-term perspective. Looking at the recovery since the start of the year, the bulls seemed back in control on the daily chart. We can expect more increases a soon as the volume increases. The bulls appeared taking a break on the hourly. If the price drops, ETH may pull back into the $3,400 range for support. Failure to recover from that range could trigger more buy opportunities before rising back. For now, the bulls have the upper hand. ETH’s Key Level To Watch Source: Tradingview The immediate obstacle for the bulls lies at the $3,830 resistance level. Overcoming it could allow a full recovery to the current all-time high of $4,107 before breaking higher. The potential level to watch is $4,300. If the price drops, there’s a close support at $3,550. The $3,307 level is currently providing support. A breakdown there could bring us back to a low of $3,101. Key Resistance Levels: $3,830, $4,107, $4,300 Key Support Levels: $3,550, $3,307, $3,101 Spot Price: $3,650 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: ra2studio/ 123RF // Image Effects by Colorcinch
