Ethereum price is showing positive signs above the $3,550 zone. ETH must clear the $3,680 resistance to continue rising in the near term.
- Ethereum initiated another rise above the $3,550 resistance zone.
- The price is trading above $3,550 and the 100 hourly simple moving average.
- There is a large bullish trendline forming with support at $3,590 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 Remains in Uptrend
Ethereum price started another rise above the $3,500 resistance zone. ETH bulls managed to push the price into a positive zone above the $3,580 level as Bitcoin.
ETH rose above the $3,650 resistance zone. A high was formed at $3,680 before the price began a downward correction. There was a small decline below the $3,600 level. The price fell below the 23.6% Fib retracement level of the upward move from the $3,302 swing low to $3,680 high.
Ethereum is now trading above $3,580 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support at $3,590 on the hourly chart of the ETH/USD pair.
Source: ETHUSD on TradingView.com
On the upside, immediate resistance is near the $3,640 level. The first major resistance is near the $3,680 level. The next key resistance lies at $3,720, above which the price could gain bullish momentum. In the stated case, Ether could rise towards the $3,800 level. If there is a move above the $3,800 resistance, Ethereum could even rise towards the $3,880 resistance. Any additional winnings may require a $4,000 test.
Are dips supported on ETH?
If Ethereum fails to overcome the $3,640 resistance, it could begin another decline. Initial downside support is near the $3,590 level and trendline.
The first major support is near the $3,550 zone. The next important support could be the $3,500 zone or the 50% Fibonacci retracement level of the upward movement from the $3,302 swing low to the $3,680 high. A clear move below the $3,500 support could send the price towards $3,390. Further losses could send the price towards the $3,250 level.
Technical Indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,590
Main resistance level – $3,680
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