The price of Ethereum (ETH) is currently trading above the $3000 level, attempting to maintain stability above this important range that previously formed resistance.
Analysts believe that this level could turn into a new support base paving the way for an upward attempt towards the $3700 area.
Despite the currency's decline of about 3% over the past 24 hours, its weekly performance remains positive with an increase of nearly 5%, amid a daily trading volume of $24.2 billion.
Analyst “Michael van de Poppe” points out that reclaiming the price for the area of 3050–3150 dollars is a signal for early buyers, making 3700 dollars the nearest target if the price maintains this support.
On the other hand, not stabilizing above current levels could push Ethereum to closer support areas at 2630 and 2400 dollars, especially with the continued tightness in price movement and rising relative strength index.
Analyst “Ali Martinez” believes that the larger picture depends on surpassing the level of 4800 dollars, which represents a central resistance before considering higher ranges like 6800 and 8800 dollars.
He adds that reaching distant levels like 62,000 dollars remains tied to the strength of momentum and confirmation of breakouts.
At the same time, “Clifton FX” explains that the price has exited from the descending wedge pattern, with a short-term target approaching 5000 dollars if the current trend continues.
“Merlijn The Trader” also noted a bullish crossover in the MACD indicator on the daily timeframe for the first time since September, after the price maintained support at 2700–2900 dollars and later rose to 3200 dollars.
He sees that the area of 3900 dollars forms a pivotal resistance, and surpassing it could open the door to a complete bullish reversal, especially with the price trading above moving averages and increasing trading volumes.
On the sentiment front, the analyst known as “CryptoWZRD” pointed out that ETH and ETHBTC closed neutrally, with the latter pair remaining above an important trend line.
And 3700 dollars remains the most prominent resistance, while the main support stabilizes near 2800 dollars.
