Ethereum began a strong wave of recovery above the $3,550 region. The price is currently higher than $3,620 and the 100-hour simple moving average. On the hourly chart of ETH/USD, a connected bullish trend line is formed, with a support level of $3,620 (data provided by Kraken). If it breaks through the resistance level of $3,700, theThe price of Ethereum is stable above $3,420, and like Bitcoin, it continues to recover. ETH has the hope of breaking through the two resistance thresholds of $3,550 and $3,620. The longs have broken through the $3,650 resistance level, opening the way for the $3,700 mark. The price once peaked at $3,694, and is now consolidating an increase above the 23.6% Fibonacci pullback between the low of $3,569 and the high of $3,694, with a trading price higher than $3,650 and a 100-hour simple moving average. In the ETH/USD hourly chart, a bullish trend line has been formed, providing support at $3,620, which is close to the 76.4% Fibonacci pullback from the low of $3569 to the high of $3,694. Looking up, the area around $3,700 seems to be a price barrier. The first major resistance level is around $3,720, and the current most critical resistance level is close to $3,800. Once it breaks through $3,800, the price is expected to rush to the $3,880 resistance level. currency pair may gain a bullish momentum.

If it can successfully break through the resistance level of $3,880, Ethereum is expected to gain more in the next few trading days. At that time, the Ethereum will rise in the short term or all the way, hitting the resistance level of $3,920, and is even expected to reach a high of $4,000.

If Ethereum does not break through the resistance level of $3,700, it is likely to fall again. At the beginning of the downtrend, preliminary support can be provided near $3,620 and around the trend line, and the first key support level is around $3,550. Once it falls below $3,550, the price may slide to the $3,500 support level. If the decline continues, it may be close to $3,420 in the short term, and in the future, $3,350 will become the key support. From the perspective of technical indicators:

MACD per hour - MACD of ETH/USD is gradually rising in the bullish area;

RSI per hour - The RSI of ETH/USD is now higher than the 50 area. Main support level: $3620; main resistance level: $3,700.

Michael van de Poppe, founder of MN Capital, pointed out that there may be more money flowing into Ethereum at the beginning of next year, while the Bitcoin market will continue to flow out, leading to price consolidation. He expects that this will trigger a fake coin boom in the Ethereum ecosystem.