Ethereum formed a base above the level of 3250 dollars before breaking through the resistance level of 3350. After the breakdown of the 3350 level, buyers activated, and this helped Ethereum overcome the resistance level of 3500. At the time of publication, Ethereum is trading at $3540.
For a further breakout, Ethereum needs to form good support above $3500. And he does it. Thanks to the rally that started on August 30, an uptrend line is forming on the hourly chart of the ETH/USD pair, which provides support above the mark of 3500 dollars. And now the next target for the bulls is the level of 3600. Now the ETH/USD pair has no obstacles on the way to this mark. We can expect movement to the area of 3600 dollars in the coming sessions.
If the bulls run out of power, the ETH/USD pair will find support around $3500. If the bears manage to push the price below this level, the mark of 3435 will provide strong support for the ETH/USD pair.
Many experts have already commented on the Ethereum rally. Some cryptocurrency market participants predict that the price of Ethereum could reach $20000 by the end of March next year. DeFi and NFT markets will be key drivers of Ethereum price growth.