FxNews—Ethereum trades bullish above the 50- and 100-period simple moving averages. The uptrend resumed from $3,230, a support area backed by the 100-SMA. As of this writing, the cryptocurrency in discussion trades at approximately $3,540, stabilizing above the $3,445 mark.
The immediate resistance is at $3,700. From a technical perspective, the uptrend will likely resume if the bulls pull ETH/USD above this mark. In this scenario, the buyers’ path to $4,000 will likely be paved.
On the other hand, a push below $3,445 canceled the bullish outlook. If this scenario unfolds, Ethereum prices could consolidate near the lower support levels, starting at $3,285.