ethereum price rose above $3,500 but struggled near $3,580. eth must overcome the $3,650 resistance to move towards a positive zone.
- ethereum is consolidating gains below the $3,650 resistance zone.
- The price is trading above $3500 and the 100 hourly simple moving average.
- A short-term ascending channel is forming with resistance near $3,585 on the hourly chart of eth/USD (data via Kraken).
- The pair could gain bullish momentum if it breaks the $3,600 and $3,650 resistance levels.
ethereum price consolidates
ethereum price started a decent rise from the $3,350 support zone. eth formed a base and rose above the $3,450 and $3,500 resistance levels. It even surpassed bitcoin and broke the $3,550 resistance.
The bears are now active below the $3,600 level. A high was formed at $3,586 and the price is now consolidating gains. There was a small drop below the $3,550 level. The price fell below the 23.6% Fibonacci retracement level of the upward move from the low of $3,350 to the high of $3,586.
ethereum is still trading above $3,500 and the 100 hourly simple moving average. There is also a short-term ascending channel forming with resistance near $3,585 on the hourly chart of eth/USD.
On the upside, the price could face resistance near the $3,580 level or the channel zone. The first major resistance is near the $3,620 level. The main resistance is located at $3,650. 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 $3,600 resistance, it could start another decline. Initial support on the downside is near $3,520 and the channel trend line. The first major support is $3,500.
A clear move below the $3,500 support could push the price towards $3,465 or the 50% Fib retracement level of the upward move from the low of $3,350 to the high of $3,586. Any further losses could send the price towards the $3,400 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 above the 50 zone.
Main Support Level: $3500
Main resistance level: $3,600
