ETH/USD appears poised for further gains after bouncing above a key support zone, though renewed losses are possible if bearish technical signals confirm in the coming days.
At the time of writing, the price of Ethereum is trading slightly below $3,400, up about 2.9% according to CoinGecko data.
Near-term projections suggest bulls could drive further upside. That bullish outlook gained traction after the Ethereum network avoided a malicious attack on Tuesday. Although the attack failed, it appears to have prompted some traders to sell, as reflected in Ether’s price action on Wednesday morning.
A similar dynamic affected Solana (SOL) after the network experienced a prolonged outage due to transaction congestion. That incident contributed to a price drop—SOL fell to lows near $145 before rebounding above $160.
Ethereum Price Forecast
Ethereum briefly exceeded $3,400 as bulls pushed for another upward leg, reaching an intraday high near $3,450. While the bullish case remains intact, a return to $3,360 intraday lows encouraged sellers.
On the 4-hour chart, bulls managed to reclaim levels above the 200 SMA (around $3,371) and break the descending trend line. The primary challenge now is holding gains above immediate support near the 50 SMA (about $3,384) to sustain the recovery.
If ETH/USD resumes gains above $3,400, the next target is the 50% Fibonacci retracement of the decline from $3,974 to $3,015, currently near $3,494. Additional short-term upside targets include the 61.8% Fib level at $3,607 and the 76.8% Fib level at $3,768.
4-hour ETH/USD chart. Source: TradingView
In a downside scenario, moving-average analysis of the 50 and 200 SMAs indicates bulls could face renewed selling pressure in the coming days. A developing death cross formation would signal a potential trend reversal if price breaks below the 200 SMA.
Under that scenario, ETH/USD could retest horizontal support near $3,350. Further bearish targets include the 23.6% Fib level at $3,241 and another horizontal support area close to $3,200.