Ethereum price is signaling positive moves above the $3,550 zone. ETH could gain bullish momentum if it surpasses the $3,650 resistance zone in the near term.
- Ethereum initiated another increase from the $3,500 support zone.
- The price is trading above $3,550 and the 100 hourly simple moving average.
- There is a bullish trendline forming with support at $3,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it stays above the $3,650 resistance zone.
Ethereum price could accelerate further
Ethereum price remained strong above the $3,500 zone. ETH has formed a base and recently started a new increase above the $3,600 resistance zone, as Bitcoin.
However, bears are still active near the $3,650 and $3,680 resistance levels. A rally was formed near $3,654 and the price is now consolidating gains. It fell a few points and traded below the 23.6% Fib retracement level of the upward move from the $3,491 swing low to $3,654 high.
Ethereum is still trading above $3,550 and the 100 hourly simple moving average. There is also an uptrend line forming with support at $3,550 on the hourly ETH/USD chart. The trend line is near the 61.8% Fibonacci retracement level of the upward movement from the $3,491 swing low to $3,654 high.
Source: ETHUSD on TradingView.com
On the upside, immediate resistance is near the $3,630 level. The first major resistance is near the $3,650 level. 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 $3,800 resistance, Ethereum could even rise towards the $3,880 resistance. Any additional winnings may require a $4,000 test.
Are dips limited in ETH?
If Ethereum fails to overcome the $3,650 resistance, it could begin another decline. Initial downside support is near the $3,600 level.
The first major support is near the $3,575 zone. The next important support could be the $3,550 zone and trendline. A clear move below the $3,550 support could send the price towards $3,440. Further losses could send the price towards the $3,320 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 – $3,550
Main resistance level – $3,650
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s opinion on buying, selling or holding any investments and, naturally, investing carries risks. We advise that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.