Throughout the increase, there was a break over a crucial negative trend line with resistance near $3,475 on the hourly chart of ETH/USD. The pair even surpassed the $3,600 mark. However, a high has developed near $3,628, and the market is currently reversing gains.
It is now settling near $3,500. There is immediate upside resistance near $3,550. The $3,575 level represents the first significant resistance. The next major resistance level is around $3,600, above which the price may rise. In the above scenario, the price could rise to $3,700. $3,800 could be the next significant level.
However, a new downward trend could begin if ethereum fails to break through the $3,550 and $3,575 resistance levels. On the downside, $3,500 serves as a first level of support.
Ethereum will increase by 730 percent!
Justin Bennett, a cryptocurrency investor, and analyst is speculating on a positive “what if” scenario in which Ethereum rises over 700% in the coming months.
The analyst displays a chart to his 72,000 followers that shows ETH trading in a massive upward channel that began in March of 2020.