Ethereum is gaining attention as its price stages a notable recovery, climbing past key levels and testing critical resistance near $3,650. After stabilizing above $3,250, ETH began an upward wave, breaking through the $3,350 and $3,420 thresholds. The current momentum places Ethereum above the 100-hourly Simple Moving Average, reinforcing the bullish sentiment, while a trend line on the hourly chart provides support around $3,520.
The recovery reflects broader market dynamics, with ETH reclaiming the 61.8% Fibonacci retracement of the earlier decline from $3,920 to $3,058. Investors are now closely watching the $3,650 resistance zone. Should Ethereum clear this level decisively, the next significant hurdle sits at $3,710, aligned with the 76.4% Fib retracement. A sustained breakout above $3,740 could pave the way for Ether to test $3,880, and potentially reach $3,920 or even $3,950 in the near term.
However, caution remains warranted. If Ethereum fails to overcome the $3,650 barrier, a fresh pullback could take the price toward support at $3,540 and the trend line, with major support levels at $3,485 and further down near $3,360. A deeper correction could target $3,260 or the $3,200–$3,180 zone, highlighting the importance of these key technical levels for traders.
Technical indicators present a nuanced picture. The hourly MACD shows slowing bullish momentum, suggesting potential consolidation, while the RSI remains above 50, indicating that upward pressure is still present but may face resistance. This interplay underscores a critical juncture for Ethereum, as traders weigh the likelihood of a breakout against the risk of retracement.
From a broader perspective, Ethereum’s movement is more than just price action. It reflects the resilience of the network amid evolving DeFi activity, institutional interest, and ongoing adoption of smart contracts. A decisive move past $3,650 would signal renewed confidence in ETH, potentially drawing in both retail and institutional capital, while a pullback could offer a buying opportunity at key support levels.
Looking ahead, Ethereum is positioned at a pivotal point. Market participants should monitor the $3,650–$3,740 range closely, as the next moves could shape short-term trends and set the tone for Ethereum’s performance heading into the final quarter. The coming days may prove decisive in determining whether ETH resumes its upward trajectory or undergoes a corrective phase, making this a critical moment for both investors and analysts.
