It looks like a temporary bearish correction has ended for Ethereum. Ethereum price found support above $3400 and began a recovery. The ETH/USD pair has returned above the 100-hour moving average. At the time of publication, the ETH/USD pair is trading around 3640.
On the hourly chart, the ETH/USD pair broke through the short-term price range and began to form an uptrend. The uptrend line provides support for the ETH/USD pair in the area of 3600. However, in order to continue to grow, the ETH/USD pair needs to overcome the resistance level of 3650 dollars. If the price of Ethereum breaks this mark, we will see continued growth towards 3950. Here, the ETH/USD pair will hit the September high. The 3950 level provides strong resistance to the pair. The pair could not overcome it twice, first in May, then in September.
If the bulls fail to push the Ethereum price above 3650, the price could start a correction again. In this case, as written above, the initial support is around 3600. A breakout of this level will bring the price to the area of 3550. A drop in the price of Ethereum below the area of 3550-3535 could lead to a deeper decline to the area of 3450.