Ethereum Ascends Towards $3,800, Shows Strengthening Market Signs

By: Isha Das

As Ethereum touches the $3,500 mark, data analytics firm reports that 91% of Ethereum is now "in the money", and is showing promising signs of ascending further. Ethereum price is consolidating gains above $3,400, and may soon aim for a move past the $3,500 resistance zone.

Ethereum has solidified gains and is consolidating beneath the $3,500 resistance zone. The cryptocurrency is trading above $3,400 and is supported by the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a key bullish trend line is forming with support at $3,420, showing positive signs.

If Ethereum breaks through the $3,650 resistance, a rally towards the $3,720 resistance might be on the horizon, potentially paving the way for $3,800. On the downside, $3,320 has been pegged as a key support level to watch.