This article is also available in Spanish.
ethereum price is moving up above the $3,600 zone. eth is showing bullish signs and could soon aim to break above the $3,800 resistance zone.
- ethereum started a decent rise from the $3,550 zone.
- The price is trading above $3,550 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support at $3,700 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could restart its rise if it breaks the $3,750 zone.
ethereum price foresees a constant increase
ethereum price remained above $3,350 and started a new rise like bitcoin. eth was able to overcome the $3,450 and $3,550 resistance levels.
The bulls lifted the price above the $3,700 level. A high was formed at $3,748 and the price is now consolidating gains. There was a small drop below the $3,720 level. The price fell and tested the 23.6% Fibonacci retracement level of the ascending wave from the low of $3,572 to the high of $3,748.
ethereum price is now trading above $3,550 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $3,700 on the hourly chart of eth/USD.
On the upside, the price seems to face obstacles near the $3,740 level. The first major resistance is near the $3,750 level. The main resistance is now forming near $3,800. A clear move above the $3,800 resistance could send the price towards the $3,880 resistance. A bullish break above the $3,880 resistance could require more gains in the coming sessions. In the given case, Ether could rise towards the resistance zone of $3,940 or even $4,000.
Downward correction in eth?
If ethereum fails to overcome the $3,750 resistance, it could start another decline. Initial support on the downside is near the $3,700 level. The first major support lies near the $3,675 area.
A clear move below the $3.675 support could push the price towards the 61.8% Fib retracement level of the ascending wave from the $3.572 low to $3.748 high at $3.640. Any further losses could send the price towards the $3,570 support level in the near term. The next key support is at $3,550.
Technical Indicators
MACD hourly – 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.
Main Support Level: $3,700
Main Resistance Level: $3,750
