Ethereum price started a downside correction from the $3,500 resistance zone. ETH has fallen below $3,440 and may struggle to stay above $3,380.
- Ethereum is rising above the $3,500 zone.
- The price is trading above $3,520 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $3,450 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if there is a clear move above the $3,565 resistance zone.
Ethereum Price Reclaims $3,500
Ethereum price remained in a bullish zone above the $3,350 resistance zone. ETH extended its rise above the $3,500 resistance but fell behind Bitcoin. There was a rise above the $3,550 level and the price traded up to $3,563.
It is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $3,412 swing low to $3,563 high. Ethereum is now trading above $3,500 and the 100-hour Simple Moving Average.
There is also a bullish trend line forming with support at $3,450 on the hourly chart of ETH/USD. The trend line is close to the 76.4% Fib retracement level of the upward move from the $3,412 swing low to $3,563 high.
If the price sustains above the 100 hourly simple moving average, it could attempt a fresh increase. On the upside, the price faces resistance near the $3,550 level. The first major resistance is near the $3,580 level. The next major hurdle is near the $3,650 level.
A close above the $3,650 level could send Ether towards the $3,700 resistance. The next key resistance is near the $3,720 level. An upside break above the $3,720 resistance could push the price towards the $3,800 resistance zone in the coming days.
Another ETH decline?
If Ethereum fails to clear the $3,550 resistance, it could start a downside correction. The initial support on the downside is near the $3,500 level. The first major support lies near the $3,470 zone and the 100 hourly simple moving average.
A clear move below the $3,470 support could push the price towards the $3,440 support level. Any further losses could send the price towards the $3,350 support level in the near term. The next important support lies at $3,320.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,500
Major Resistance Level – $3,550