ethereum price is showing positive signs above the $3,550 zone. eth must overcome the $3,680 resistance to continue rising in the near term.
- ethereum started another rise above the $3,550 resistance zone.
- The price is trading above $3,550 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support at $3,590 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue to rise if it settles above the $3,680 resistance zone.
ethereum price remains in an uptrend
ethereum price started another rise above the $3,500 resistance zone. eth bulls were able to push the price to a positive zone above the $3,580 level, like bitcoin.
eth rose above the $3,650 resistance zone. A high was formed at $3,680 before the price began a downward correction. There was a small drop below the $3,600 level. The price fell below the 23.6% Fibonacci retracement level of the upward move from the low of $3,302 to the high of $3,680.
ethereum is now trading above $3,580 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support at $3,590 on the hourly chart of eth/USD.
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Fountain: ETHUSD on TradingView.com
On the upside, immediate resistance is near the $3,640 level. The first major resistance is near the $3,680 level. The next key resistance lies at $3,720, above which the price could gain bullish momentum. In the indicated case, Ether could rise towards the $3,800 level. If there is a move above the $3,800 resistance, ethereum could even rally towards the $3,880 resistance. Any additional winnings could require a test of $4,000.
Are drops in eth supported?
If ethereum fails to overcome the $3,640 resistance, it could start another decline. Initial support on the downside is near the $3,590 level and the trend line.
The first major support is near the $3,550 area. The next key support could be the $3,500 zone or the 50% Fibonacci retracement level of the upward move from the low of $3,302 to the high of $3,680. A clear move below the $3,500 support could send the price towards $3,390. Any further losses could send the price towards the $3,250 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 above the 50 level.
Main Support Level: $3,590
Main Resistance Level: $3,680
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