Ethereum News Today: Ethereum Surges 0.77% as RSI Bounce Near $3,515 Fuels $4K Hopes

Ethereum’s price has recently surged above $3,524, marking a potential turning point as the RSI indicator shows a bounce near historically significant levels. On August 2, the cryptocurrency moved up 0.77%, inching closer to a key resistance area at $3,515.01, a Fibonacci level derived from recent price swings. This level acts as a critical barrier before the $4,000 zone becomes the next focus for traders and analysts [1].

Technical indicators and price action suggest that Ethereum is forming a strong ascending pattern. The price has remained above a curved trendline since May, with each major retracement bouncing at higher levels, reinforcing the potential for continued upward movement. According to TommyJR, a notable crypto analyst on X, ETH is "bang on" near RSI bounce levels, which have previously triggered successful reversals [1]. The RSI on the 4-hour chart has dipped near the 30 level, a threshold often associated with short-term rebounds in technical analysis. This, combined with stable volume during consolidation, has traders cautiously optimistic about a bullish continuation.

Fibonacci retracement zones are playing a key role in defining the potential trajectory of Ethereum’s price. The $3,515.01 level (23.6%) is the immediate resistance, followed by $3,248.56 (38.2%) and $3,033.21 (50%). A sustained breakout above $3,515 would shift focus to $4,095.76 and, eventually, $4,864.08. If Ethereum can clear these levels, the next target would be the $4,000 zone, with further upside levels at $4,750 and $5,500 based on wave projections [1].

Price consolidation below $3,515 from late June to mid-July has now become a foundation for potential upward momentum. Traders are observing whether Ethereum can replicate past behavior and reach projected highs. A clean candle close above $3,515 would signal a bullish continuation, validating the wave count structure proposed in the latest analysis. The current setup mirrors earlier momentum rallies that pushed Ethereum beyond prior resistance levels, adding to the pattern’s credibility [1].

The broader chart structure also shows Ethereum forming a cup-like pattern since April, with higher lows and a respect for curved trendline support. RSI and price movements continue to align, giving traders a clear framework for monitoring momentum. The combination of RSI levels, volume stability, and historical patterns supports the possibility of a breakout, although the immediate reaction to the $3,515 barrier remains the key variable [1].

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Source:

[1] title: Ethereum Eyes $4K Breakout as Price Moves Above $3,524 and RSI Turns

url: https://cryptonewsland.com/ethereum-4k-as-price-above-3524-and-rsi/