Ethereum’s price is currently maintaining its position above the $3,440 support level, indicating bullish momentum in June. The ETH/USD pair appears to be forming a bullish flag pattern with resistance at $3,720 on the daily chart, suggesting a potential uptrend. A breakthrough above the $3,800 resistance zone could further strengthen bullish sentiment.
Earlier this month, Ethereum faced challenges in surpassing the $3,950 and $4,000 resistance levels, leading to a pullback similar to Bitcoin’s price action. The subsequent decline from the $3,973 swing high saw ETH dropping below the $3,800 support zone. However, the bulls stepped in near the 50-day simple moving average (blue), triggering a strong bullish reaction.
A shooting star pattern near $3,440 and a subsequent recovery above the $3,550 resistance point are positive indicators for Ethereum’s price. The formation of a bullish flag pattern with resistance at $3,720 on the daily chart suggests a potential move towards $3,800.
In the event that Ethereum breaks above the $3,800 resistance level, it could target the main hurdle at $4,000, with further gains potentially pushing the price towards $4,250 and even $5,000 in the short term. On the downside, failure to breach the $3,700 and $3,720 resistance levels could lead to a possible slide, with initial support at $3,420 and the 50-day simple moving average (blue). A daily close below the $3,420 support zone may increase the risk of a larger pullback towards $3,285 and $3,120 levels.
Overall, Ethereum’s price is currently holding steady above $3,420, with a breakthrough above the $3,720 resistance level likely to trigger a fresh surge in the near future.