ethereum price is consolidating gains above $3,400. eth is showing positive signs and could soon aim to break above the $3,500 resistance zone.
- ethereum maintains gains and consolidates below the $3,500 resistance zone.
- The price is trading above $3,400 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support at $3,420 on the hourly chart of eth/USD (data via Kraken).
- The pair seems to be preparing for a move towards the $3,650 and $3,800 levels.
ethereum price remains supported
ethereum price formed a base above the $3,350 level and started another rise, like bitcoin. eth broke the $3,400 level to set the pace for more upside.
There was a clear move above the 50% Fibonacci retracement level of the downside correction from the high of $3,519 to the low of $3,305. The bulls are now active above the $3,420 level. There is also a key bullish trend line forming with support at $3,420 on the hourly chart of eth/USD.
ethereum is now trading above $3,450 and the 100 hourly simple moving average. It is showing positive signs above the 76.4% Fibonacci retracement level of the downside correction from the high of $3,519 to the low of $3,305.
The immediate resistance on the upside is near the $3,500 level. The first major resistance is near the $3,520 level. The next major resistance is near $3,550, above which the price could gain bullish momentum. The next stop for the bulls could be near the $3,650 level.
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Fountain: ETHUSD on TradingView.com
If there is a move above the $3,650 resistance, Ether could even rally towards the $3,720 resistance. Any additional winnings could require proof of $3,800.
Are drops in eth supported?
If ethereum fails to overcome the $3,520 resistance, it could start a downward correction. Initial support on the downside is near the $3,420 level and the trend line.
The first major support is near the $3,400 zone or the 100 hourly SMA. The next key support could be the $3,350 zone. A clear move below the $3,350 support could send the price towards $3,320. Any further losses could send the price towards the $3,150 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: $3,400
Main Resistance Level: $3,520
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