ethereum price started a fresh rise from the $3,350 support zone. eth is outperforming bitcoin and could rise further towards the $3,650 resistance.
- ethereum is gaining pace from the key $3,365 support zone.
- The price is trading above $3,450 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $3,460 on the hourly chart of eth/USD (data via Kraken).
- The pair formed a double bottom pattern and gained pace above the $3,500 resistance.
ethereum Price Has Key Support
ethereum price remained well bid above the $3,350 support zone. eth formed a base and started a new rise after forming a double bottom pattern near $3,350, as discussed yesterday.
It outperformed bitcoin and broke the $3,450 resistance. There was a clear move above the 50% Fibonacci retracement level of the downward move from the high of $3,650 to the low of $3,350. Additionally, there was a break above a key bearish trend line with resistance near $3,460 on the hourly chart of eth/USD.
ethereum is now trading above $3,450 and the 100 hourly simple moving average. It is also showing positive signs of further gains above the $3,535 level. On the upside, the price could face resistance near the $3,580 level or the 76.4% Fibonacci retracement level of the downward move from the high of $3,650 to the low of $3,350.
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 $3,750 level.
A clear move above the $3,750 level could send Ether towards the $3,880 resistance. Any further gains could send Ether towards the $4,000 resistance zone in the coming days.
Another drop in eth?
If ethereum fails to overcome the $3,580 resistance, it could start another decline. Initial support on the downside is near $3,500. The first major support is $3,450.
A clear move below the $3,450 support could push the price towards $3,350. Any further losses could send the price towards the $3,220 level in the near term.
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 zone.
Main Support Level: $3,450
Main Resistance Level: $3,580
