Ethereum price failed to continue above the $3,725 resistance zone. ETH pared gains and is now consolidating near $3,475 support.
- Ethereum failed to rise above the $3,725 resistance level.
- The price is trading near $3,500 and the 100 hourly simple moving average.
- There was a break below a rising trend line with support at $3,510 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may start a further increase if it remains above the $3,420 support zone.
Ethereum Price Faces Rejection
Ethereum price started a decent rise above the $3,550 resistance. ETH even surpassed the $3,650 resistance zone, but bears were active near $3,725. A high was formed at $3,726 and the price started a new decline, as Bitcoin.
There was a move below the $3,600 and $3,550 levels. There was a pause below a main uptrend line with support at $3,510 on the hourly ETH/USD chart. The pair still peaked below the 50% Fibonacci retracement level of the upward move from the $3,224 swing low to $3,726 low.
Ethereum is now trading near $3,500 and the 100 hourly simple moving average. Immediate resistance is near the $3,520 level. The first major resistance is near the $3,560 level. The next key resistance lies at $3,610, above which the price could test the $3,650 level.
Source: ETHUSD on TradingView.com
The main resistance is now near $3,725, above which Ether could gain bullish momentum. In the stated case, the price could rise to the $3,800 zone. If there is a move above the $3,800 resistance, Ethereum could even rise towards the $4,000 resistance.
More losses in ETH?
If Ethereum fails to overcome the $3,610 resistance, it could continue falling. Initial downside support is near the $3,475 level.
The first major support is near the $3,420 zone or the 61.8% Fibonacci retracement level of the upward movement from the $3,224 swing low to $3,726 low. The next important support could be the $3,340 zone. A clear move below the $3,340 support could send the price towards $3,240. 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 bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major support level – $3,420
Main resistance level – $3,610
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