Ethereum could soon revisit towards the $3,500 level

 

Ethereum is trading back above the $3,000 level and it could surge higher if the bulls remain in control.

The cryptocurrency market has performed extremely well over the past 24 hours. Total crypto market cap is up more than $200 billion since the start of the week and is currently around $1.9 trillion.

Bitcoin appears to be breaching the USD 45,000 resistance level after its recent rally. Ether, the second largest cryptocurrency by market cap, is not left behind. ETH has added more than 6% to its value over the past 24 hours, which has allowed it to surpass the psychological $3,000 mark.

At the time of writing, ETH is trading at around $3,110 per coin. There is no major catalyst behind this latest move other than the broader cryptocurrency market recovering from its recent tumble.

If the bulls remain in control, ETH could rally above the next major resistance level at USD 3,500 in the coming hours or days.

Important levels at a glance

The ETH/USD 4-hour chart is very bullish at the moment thanks to Ethereum's rally over the past 24 hours. Technical indicators are showing that ETH is recovering and could surge higher in the coming hours.

The MACD line crossed into positive territory after the recent ETH rally, indicating strong bullish momentum. The 14-day RSI from 68 shows that ETH could soon push into the overbought region if the bulls remain in control.

If the bullish momentum holds, ETH could rally above the first major resistance level of USD 3,386. In the event of an extended rally, ether could surpass the second major resistance level above USD 3,500. It would be the first time ETH has traded above USD 3,500 since January.

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