Ethereum News Today: Ethereum Surpasses $3,620 as Bullish Momentum Gathers with Key Resistance Looming

Ethereum’s price recently found support near the $3,540 zone and has since recovered, with the asset showing signs of a potential resumption of an uptrend [1]. The price has moved above key levels, including $3,540, $3,580, and the 100-hourly Simple Moving Average, currently trading above $3,620 [1]. On the hourly chart of ETH/USD, a break above a bearish trend line at $3,625 has further reinforced the bullish bias [1].

The recent price action suggests that Ethereum has been able to push above the $3,700 resistance zone, forming a high of $3,733 before retreating slightly below $3,620 [1]. The 50% Fibonacci retracement level of the upward move from $3,350 to $3,733 has been retested, and the price is once again rising above $3,600. Technical indicators also point to a strengthening bullish momentum, with the RSI for ETH/USD now above the 50 level and the MACD gaining traction in the bullish zone [1].

Looking ahead, Ethereum faces key resistance at $3,700 and $3,720, with the first major hurdle at $3,750 [1]. A clear move beyond this level could open the path to $3,820, and potentially push the price toward $4,000 or even $4,120 in the short term [1]. Conversely, if Ethereum fails to hold above $3,720, it may face a pullback toward $3,620 and $3,580. A sustained move below the $3,540 support could signal further downside toward $3,440 and eventually $3,350 [1].

However, the near-term outlook is not without challenges. The price has retested a critical resistance zone near $4,000, a level historically linked to major distribution periods since 2021 [1]. Analysts have warned that Ethereum may experience a 25%-35% price correction in the coming months, driven by strong sell pressure and bearish technical signals [1]. On one particularly active trading day, Ethereum saw a net sell pressure of $418.8 million — the second-largest daily outflow on record — indicating aggressive profit-taking and investor concern [1].

The retesting of this key resistance has also triggered urgent selling behavior, with traders selling 115,400 more ETH than bought via market orders in a single session [1]. This aligns with historical patterns seen during a similar price collapse in December 2024, when the price plunged 66% after a comparable move [1]. The current scenario suggests Ethereum could retreat toward its 50-week and 200-week exponential moving averages at $2,736 and $2,333, respectively [1].

In addition, nearly $1 billion was withdrawn from U.S. Ethereum ETFs at the start of August, a signal often interpreted as a bearish sentiment indicator [1]. The broader crypto market is also witnessing similar patterns, with Bitcoin facing comparable resistance retesting. This correlation suggests Ethereum’s price movement is part of a larger bearish trend affecting the entire crypto ecosystem [1].

While the long-term potential of Ethereum remains a topic of optimism among some analysts, the near-term environment appears challenging. The coming weeks will be critical in determining whether Ethereum can stabilize and resume a bullish trajectory or if the projected decline becomes a reality [1].

Sources:

[1] https://en.coinotag.com/ethereum-eth-faces-potential-25-35-decline-as-resistance-zone-retested-amid-historic-sell-pressure/

[2] https://www.facebook.com/groups/2373610969516780/posts/2834731230071416/

[6] https://www.bitget.com/price/jesus-2.0/price-prediction

[7] https://cryptodnes.bg/en/news/bitcoin/

[9] https://stocktwits.com/symbol/CFX.X