ethereum price rose as high as $3,850 before crashing. eth followed bitcoin, but bulls are now active near the $3,350 support zone.
- ethereum traded to a new multi-month high above $3,800 before crashing.
- The price is trading near $3500 and the 100 hourly simple moving average.
- There was a break below a key uptrend line with support at $3,620 on the hourly chart of eth/USD (data via Kraken).
- The pair could resume its rise if it breaks the $3,600 resistance zone.
ethereum price takes a big hit
ethereum price extended its rally above the $3,650 level, as did bitcoin. btc rose and even traded at a new all-time high above $69,000. eth also surpassed the $3,800 level before the bears appeared.
There was a strong bearish reaction from the high of $3,827. The price crashed above $500 and traded towards the support of $3,200. There was a break below a key uptrend line with support at $3,620 on the hourly chart of eth/USD.
A low was formed at $3211 and the price is now attempting a new rise. There was a move above the $3,500 level. The price rose above the 50% Fibonacci retracement level of the downward move from the high of $3,827 to the low of $3,211. ethereum is now trading near $3,500 and the 100 hourly simple moving average.
The immediate resistance on the upside is near the $3,550 level. The first major resistance is near the $3,600 level or the 61.8% Fibonacci retracement level of the downward move from the high of $3,827 to the low of $3,211.
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Fountain: ETHUSD on TradingView.com
The next major resistance is near $3,680, above which the price could gain bullish momentum. The next stop for the bulls could be near the $3,820 level. If there is a move above the $3,820 resistance, Ether could even rise towards the $3,950 resistance. Any additional winnings could require a test of $4,000.
More losses on eth?
If ethereum fails to overcome the $3,600 resistance, it could start another downward correction. Initial support on the downside is near the $3,440 level.
The first major support is near the $3,400 zone. The next key support could be the $3,340 area. A clear move below the $3,340 support could send the price towards $3,220. Any further losses could send the price towards the $3,120 level.
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 below the 50 level.
Main Support Level: $3,400
Main resistance level: $3,600
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