A Springboard for More Gains?
Ethereum price remains above the $3,500 area. ETH is consolidating and may break above the $3,600 resistance zone soon.
- Ethereum started a downward correction from the $3,685 area.
- The price is trading above $3,520 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $3,600 on the hourly chart of ETH/USD (data feed via Kraken).
- If the $3,600 area is exceeded, the pair may resume its rise.
Ethereum price ushered in a new round of surge
Ethereum price remains supported above $3,250 and begins a new round of gains Bitcoin. ETH broke above the $3,500 and $3,550 resistance levels.
The bulls pushed the price above $3,650. The price formed a high at $3,688 and the price has made some corrections recently income. It fell slightly below $3,650 and $3,620. The price fell below the 23.6% Fib retracement level of the upward wave from the swing low of $3,255 to highs of $3,688.
Ethereum price is currently trading above $3,520 and the 100 hourly simple moving average. On the bright side, the price seems to be facing a hurdle near the $3,600 level. There is also a connecting bearish trend line forming with resistance at $3,600 on the hourly chart of ETH/USD.
The first major resistance level is near $3,650. Major resistance is currently forming near $3,680. A clear break above the $3,680 resistance may push the price towards the $3,750 resistance. An upside break above the $3,750 resistance may bring more gains in the coming sessions. In the above scenario, Ethereum could rise towards the $3,880 resistance zone or even $3,920.
ETH loses more?
If Ethereum fails to break the $3,650 resistance, it may start another decline. Initial support on the downside is near $3,540. The first major support is located near the $3,500 area.
A clear break below the $3,500 support could push the price towards the 50% Fib retracement of the upward move from the $3,254 swing low to $3,688 high at $3,470. Any further losses could push the price towards the $3,400 support in the near term. The next key support is located at $3,350.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
hourly relative strength index – The RSI for ETH/USD is currently above the 50 area.
Major Support – $3,540
Major Resistance – $3,650
