ethereum price started a new rise from the $3,365 zone. eth outperformed bitcoin and could point to a move towards the $3,800 resistance zone.
- ethereum started a recovery after bulls appeared near the $3,365 zone.
- The price is trading above $3,550 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $3,550 on the hourly chart of eth/USD (data via Kraken).
- The pair could extend its gains if it holds above the $3,550 pivot level.
ethereum price surpasses bitcoin
ethereum price extended losses below the $3,550 and $3,500 resistance levels. However, eth bulls took a strong position near the $3,350 zone. A low was formed at the $3,364 level and the price started a new rise, overtaking bitcoin.
There was a move above the $3,450 and $3,550 resistance levels. There was a break above a key bearish trend line with resistance near $3,550 on the hourly chart of eth/USD. The pair even rose above the $3,600 level and tested the $3,650 resistance.
A high was formed at $3,649 before a pullback occurred below $3,620. The price fell below the $3,600 support level and the 23.6% Fibonacci retracement level of the upward move from the low of $3,364 to the high of $3,649.
ethereum is now trading above $3,550 and the 100 hourly simple moving average. If there is a fresh rise, the price could face resistance near the $3,620 level.
The first major resistance is near the $3,650 level. A bullish break above the $3,650 resistance could send the price higher. The next key resistance lies at $3,720, above which the price could gain traction and rise towards the $3,800 level.
A clear move above the $3,800 level could send Ether towards the $3,880 resistance. Any further gains could send Ether towards the $3,950 resistance zone.
Are drops in eth limited?
If ethereum fails to clear the $3,620 resistance, it could continue down. Initial support on the downside is near $3,550. The first major support is at $3,500 and the 50% Fibonacci retracement level of the upward move from the low of $3,364 to the high of $3,649.
A clear move below the $3,500 support could push the price towards $3,420. Any further losses could send the price towards the $3,365 level in the near term.
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 near the 50 zone.
Main Support Level: $3,550
Main Resistance Level: $3,650
