On Wednesday, the crypto market was driven upward by the news that the US Security Exchange SEC had permanently dropped the case against Ethereum. The press release triggered a marginal rise in altcoins and Bitcoin(BTC) price today reclaimed 65000 USD with a steady move.

Ethereum (ETH) spiked 3.5% amid the announcement and moved above the key price level of $35K, a crucial support level. The $3.5K mark is significant, as the ETH price has seen frequent upward movements after hitting this zone. 

$3500 For ETH, Is a Safe Zone For Bulls.

Ethereum price remains strong above $3500 and the long-term 50-day and 200-day SMA, but below the 20-day SMA indicating a short-term bullish reversal.

On the downside, if 35K territory is lost,  Ethereum plots strong support at $3432 and $3361, and on the upside the crypto will face resistance at $3654. A breach above this level will trace Eth’s price towards the resistance at $3720 which will further power up an easy surge to $3750.

The ETH price in Bollinger bands shows a detailed analysis of the trend. The Price trading in the center of bands shows a steady movement, the bands expansion is consistent showing a neutral volatility and the price moving a little closer to the upper band reveals a strong support at $35000.  

We also run the Awesome Oscillator (AO), an indicator that shows market momentum and trends. Currently, Ethereum AO is below zero, referring to a bearish or sell of trend, but a close watch says the trend formed 3 green candles consecutively and moving above the negative zone toward zero line. 

Is there any Further Decline for ETH?

If the price falls below $3500, it could only restest but if bears take control there are strong support zones nearby. 

Current Technicals show a steady movement relying on the RSI in 51.97 in a neutral zone, MACD moving along the trend line, is gaining momentum.