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Sujit Kumar
Jan 2, 2025
by Sujit Kumar

Ethereum Targets $3,450: Will the Recovery Wave Continue?

Ethereum Targets $3450
Ethereum (ETH) has initiated a recovery wave after holding support near $3,320. As the cryptocurrency consolidates above critical levels, market watchers are optimistic about a potential breakout past $3,450, which could signal further upward momentum.

Key Levels and Resistance

After stabilizing above the $3,250 support zone, Ethereum gained momentum, moving past the $3,320 and $3,350 resistance levels. On the hourly chart (data feed via Kraken), ETH/USD broke a short-term declining channel at $3,350, climbing above the 100-hourly Simple Moving Average (SMA).

Currently, ETH faces resistance near the $3,400 mark, closely aligned with the 76.4% Fibonacci retracement level of its recent dip from $3,444 to $3,310. If the price clears the $3,450 resistance, analysts foresee a surge toward $3,550. Further bullish momentum could drive Ethereum to test $3,650 and potentially $3,720 in the near term.

Risks of a Pullback

However, failure to break the $3,450 resistance could result in another decline. Initial support lies at $3,360, with stronger support at $3,320. A bearish move below this level may send the price toward $3,250, and extended losses could test $3,200 or even $3,120.

Outlook

Ethereum’s performance in the coming sessions hinges on its ability to surpass the $3,450 resistance. If successful, it could solidify a bullish trend, attracting further interest from traders and investors. However, caution remains necessary, as failure to maintain current support levels could lead to downward pressure.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Ethereum Targets $3450
Ethereum Targets $3,450: Will the Recovery Wave Continue?
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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