Ethereum managed to gain a foothold above the level of $3300 and continue trading higher. The ETH/USD pair even reached $3380, but then corrected downward.
ETH/USD continues to trade above the uptrend line, which provides support around $3185. However, the 4 hours chart shows the formation of a bullish flag, which gives the pair resistance around $3360. Accordingly, a breakdown above the level of $3360 will provide the ETH/USD pair with growth to the area of the next resistance at $3420. If the pair rises above this level, we will see an increase in the area of 3500.
If the bears manage to push the price below $3300, the price will try to gain a foothold above the support level of 3250 and the 100-hour simple moving average. A breakout of this support level will lead to a decline towards $3200.
Either way, the short-term outlook for Ethereum remains bullish. For the outlook to turn bearish, the ETH/USD pair must drop below $2000. If we see the price around $2500, then the forecast will be neutral.