Ethereum Reclaims Psychological Price Threshold, Eyes $3,500 Resistance

Ethereum's price has broken above the $2,000 psychological level and is trading at $2,450. The cryptocurrency had previously fallen to a low of $1,507 on June 6 but has since regained its momentum.

The uptrend has reached a high of $2,549, surpassing the $2,400 barrier. The price action indicates that buyers are sustaining their bullish momentum above $2,000, which they have done since August 19.

However, if Ethereum falls below the 21-day SMA support, selling pressure is likely to resume. The cryptocurrency's price is near the moving average lines on the 4-hour chart, and the next resistance level is at $3,500, with a potential target of $3,400 if buyers break through the $2,600 barrier.