Bouncing off a key price area into a brief consolidation phase last week, Ethereum suspended bearish actions and increased above $3,500 earlier today. Despite retracing slightly, it is still up 4% on the weekly scale.

A week ago, Ethereum tested the $3,240 level after witnessing several crackdowns for a month. It rejected the price level with a quick recovery above $3,300. It stayed calm and closed the week well above $3,400.

The latest unexpected increase in the price caught several bears unaware as it tapped a high of $3,525 today. Now that it has found a key rebound level, the market is now slowly gaining traction on the daily chart. However, it is looking super bullish on the hourly chart.

On the 4-hour chart, Ethereum has broken out from its downward range – lower lows and lower highs – and is now looking set for a recovery. Although, it has slowed down buying due to a rejection at $3,525 in the past hours.

A continuous buy from the current trading level could activate a bigger surge until the price breaks out of the short-term bearish structure. A dip below $3,200 would confirm another leg down until it finds a key level.

But if we look at the current price actions, ETH seems to have reached a turning point as it foots a fresh increase since yesterday. Bigger moves lie ahead.

Now that Ethereum is out of the wood on the lower timeframe, the next resistance to keep in mind is the $3,659 level, followed by $3,760 and $3,887. The $4,000 and $4,093 resistance are the next levels to watch.

Right now, ETH is sitting above the $3,357 and $3,222 support levels. If the price dips again, the $3,059 level would be the next support for a test.

Key Resistance Levels: $3,659, $3,760, $3,887

Key Support Levels: $3,357, $3,222, $3,059

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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Image Source: ximagination/123RF // Image Effects by Colorcinch

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