ethereum price is attempting a fresh rise above the $3,500 zone. eth must overcome the $3,680 resistance to continue rising in the near term.
- ethereum is gaining pace above the $3,500 support zone.
- The price is trading above $3,600 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support at $3,560 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 foresees a constant increase
ethereum price started a decent rise above the $3,550 resistance zone. eth bulls were able to push the price to a positive zone above the $3,600 level, like bitcoin.
eth rose above the $3,650 resistance zone. A high was formed at $3,680 and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the upward move from the low of $3,301 to the high of $3,680.
ethereum is now trading above $3,600 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $3,560 on the hourly chart of eth/USD.
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Fountain: ETHUSD on TradingView.com
On the upside, immediate resistance is near the $3,680 level. The first major resistance is near the $3,720 level. The next key resistance lies at $3,750, above which the price could gain bullish momentum. In the indicated case, Ether could rise towards the $3,880 level. If there is a move above the $3,880 resistance, ethereum could even rally towards the $4,000 resistance. Any additional winnings could require a test of $4,080.
Are drops in eth limited?
If ethereum fails to overcome the $3,680 resistance, it could start another decline. Initial support on the downside is near the $3,600 level.
The first major support is near the $3,580 zone and the trend line. The next key support could be the $3,500 zone or the 50% Fibonacci retracement level of the upward move from the low of $3,301 to the high of $3,680. A clear move below the $3,500 support could send the price towards $3,380. Any further losses could send the price towards the $3,120 level.
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 level.
Main Support Level: $3,600
Main Resistance Level: $3,680
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