Ethereum price is attempting a further rise above the $3,500 zone. ETH must clear the $3,680 resistance to continue rising in the near term.
- Ethereum is gaining pace above the $3,500 support zone.
- The price is trading above $3,600 and the 100 hourly simple moving average.
- There is a bullish trendline forming with support at $3,560 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue rising if it stays above the $3,680 resistance zone.
Ethereum Price Expects Steady Rise
Ethereum price started a decent rise above the $3,550 resistance zone. ETH bulls managed to push the price into a positive zone above the $3,600 level as Bitcoin.
ETH has risen above the $3,650 resistance zone. A high was formed at $3,680 and the price is now consolidating gains. It is holding gains above the 23.6% Fibonacci retracement level of the upward move from the $3,301 swing low to $3,680 high.
Ethereum is now trading above $3,600 and the 100-hour Simple Moving Average. There is also a bullish trend line forming with support at $3,560 on the hourly chart of the ETH/USD pair.
Source: ETHUSD on TradingView.com
On the upside, immediate resistance is near the $3,680 level. The first major resistance is near the $3,720 level. The next key resistance lies at $3,750, above which the price could gain bullish momentum. In the stated case, Ether could rise towards the $3,880 level. If there is a move above the $3,880 resistance, Ethereum could even rise towards the $4,000 resistance. Any additional winnings may require a test of $4,080.
Are dips limited in ETH?
If Ethereum fails to overcome the $3,680 resistance, it could begin another decline. Initial downside support is near the $3,600 level.
The first major support is near the $3,580 zone and the trendline. The next important support could be the $3,500 zone or the 50% Fibonacci retracement level of the upward movement from the $3,301 low to $3,680 high. A clear move below the $3,500 support could send the price towards $3,380. Further losses could send the price towards the $3,120 level.
Technical Indicators
MACD per hour – The MACD for ETH/USD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,600
Main resistance level – $3,680
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