Ethereum price is maintaining gains above the $3,500 zone. ETH could gain bullish momentum if it surpasses the $3,680 resistance zone in the near term.
- Ethereum has retested $3,450 and is currently rising.
- The price is trading above $3,500 and the 100 hourly simple moving average.
- There was a break above a downtrend line with resistance at $3,540 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it stays above the $3,680 resistance zone.
Ethereum Price Looks Like New Rise
Ethereum price started another negative correction below the $3,550 zone. ETH retested the $3,450 zone before bulls appeared, as Bitcoin. A low was formed near $3,459 and the price has recently moved higher.
There was a move above the $3,520 resistance zone. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $3,680 high to $3,459 low. There was also a break above a downtrend line with resistance at $3,540 on the hourly ETH/USD chart.
Ethereum is now trading above $3,520 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $3,600 level. The first major resistance is near the $3,630 level. It is close to the 76.4% Fibonacci retracement level of the downward movement from the $3,680 swing high to $3,459 low.
Source: ETHUSD on TradingView.com
The next key resistance lies at $3,680, 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 $3,880 resistance, Ethereum could even rise towards the $3,920 resistance. Any additional winnings may require a $4,000 test.
Another decline in ETH?
If Ethereum fails to overcome the $3,630 resistance, it could begin another decline. Initial downside support is near the $3,540 level.
The first major support is near the $3,480 zone. The next important support could be the $3,450 zone. A clear move below the $3,450 support could send the price towards $3,325. 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 – $3,450
Main resistance level – $3,680
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