ethereum price is gaining pace above the $3,600 resistance zone. eth could extend its upward move if it breaks the $3,725 resistance zone.
- ethereum eyes further gains above the $3,725 and $3,740 levels.
- The price is trading above $3,650 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support at $3,480 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could extend its rally if it closes above the $3,725 resistance zone.
ethereum price rises more than 8%
ethereum price formed a base and started a decent rise above the $3,500 resistance, like bitcoin. eth broke through the $3,600 and $3,650 levels to move into a positive zone.
A new weekly high was formed at $3,726 and the price is now consolidating gains. The price is well above the 23.6% Fibonacci retracement level of the upward move from the low of $3,224 to the low of $3,726. It is up more than 8% and there are chances for more upside.
ethereum is trading above $3,650 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $3,480 on the hourly chart of eth/USD. It is close to the 50% Fibonacci retracement level of the upward move from the low of $3,224 to the low of $3,726.
The immediate resistance is near the $3,725 level. The first major resistance is near the $3,750 level. The next key resistance lies at $3,800, above which the price could test the $3,880 level, above which Ether could gain bullish momentum.
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Fountain: ETHUSD on TradingView.com
In the indicated case, the price could rise towards the $3,880 zone. If there is a move above the $3,920 resistance, ethereum could even rally towards the $4,000 resistance.
Are drops limited in eth?
If ethereum fails to overcome the $3,725 resistance, it could start a downward correction. Initial support on the downside is near the $3,620 level.
The first major support is near the $3,500 zone or the trend line. The next key support could be the $3,420 area. A clear move below the $3,420 support could send the price towards $3,350. Any further losses could send the price towards the $3,220 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $3500
Main Resistance Level: $3,725
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