Introduction:

Ethereum's value is steadily rising above the $3,550 hurdle, bringing hope to investors. Currently, Ethereum is trading above $3,550 and the 100-hour Simple Moving Average, showing a strong uptrend in the ETH/USD pair. This increase in Ethereum's worth suggests the possibility of more gains soon.

Breaking Through Important Challenges:

Ethereum faces a crucial challenge at the $3,680 resistance point. To keep moving up and reach higher levels, Ethereum needs to overcome this obstacle. Recent progress has seen Ethereum surpass the $3,580 mark, with support from other cryptocurrencies like Bitcoin.

Despite some setbacks, corrections before breaking through the $3,680 resistance area can lead to a healthy market consolidation and a stronger uptrend. The main resistance for ETH/USD is currently around $3,640, but the real challenge lies at the $3,680 mark. If Ethereum can surpass this barrier, it may aim for $3,720, and potentially even reach the $3,800 resistance level.

Assessing Potential Downward Risks:

If Ethereum struggles to exceed the $3,640 resistance, it could enter a new downtrend. Initial support at $3,590, combined with the proximity to the trend line, confirms this downward trend. Technical analysis points out significant support at $3,550, with further attention to the $3,500 zone or the 50% Fib retracement level. If Ethereum drops below $3,500, it might head towards $3,390, with possible further losses down to $3,250.

Indicators suggest that the hourly MACD for ETH/USD is losing momentum, while the hourly RSI is currently above the 50 level. These indicators hint at the likelihood of ongoing price fluctuations. At the time of writing this article, Ethereum is trading at $2,602.

Conclusion:

Ethereum's rise above the $3,550 resistance level is a positive sign for investors, boosting confidence in its potential for further growth. While facing obstacles at the $3,680 threshold, Ethereum's ability to overcome these challenges could drive it towards higher prices. However, careful monitoring of downward risks, such as support levels and technical indicators, is crucial to accurately assess Ethereum's future path.