Ethereum Price Gears Up: Will Bulls Trigger a New Rally?
Ethereum price started a sharp rise above the $3,350 resistance. ETH is currently recovering some of its losses and could accelerate its gains if it breaks the $3,550 resistance.
- Ethereum started a fresh rise above the $3,400 area.
- The price is trading above $3,450 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $3,455 on the hourly chart of ETH/USD (data via Kraken).
- The pair could start a sharp rise if it breaks the $3,525 and $3,550 resistance levels.
Ethereum price target higher
Ethereum Price Begins Major Rise Above $3,320 Bitcoin. ETH managed to break above the $3,400 and $3,420 resistance levels.
The price even broke the $3,500 resistance. However, bears remain active below $3,550. A high was formed at $3,535 and the price is now consolidating gains. It fell below the 23.6% Fib retracement level of the upward move from the $3,225 swing low to $3,534 high.
Ethereum price is currently trading above $3,450, 100 hour simple moving average. There is also a bullish trend line forming with support at $3,455 on the hourly chart of ETH/USD.
On the bright side, the price seems to be facing a hurdle near the $3,500 level. The first major resistance level is near $3,525.
Major resistance is currently forming near $3,550. A clear break above the $3,550 resistance may push the price towards the $3,620 resistance. An upside break above the $3,620 resistance may bring more gains in the coming sessions. In the above scenario, Ethereum could rise towards the $3,680 resistance zone or even $3,750.
ETH falling again?
If Ethereum fails to break above the $3,550 resistance, it may continue to fall. Initial support on the downside is near the $3,455 level and the trend line. First major support is seen near the $3,375 area, the 50% Fib retracement level of the upward move from the $3,225 swing low to $3,534 high.
A clear break below the $3,375 support could push the price towards the $3,250 support. If there is further decline, the price may move towards the $3,220 support in the near term. The next key support is located at $3,110.
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 below the 50 area.
Major Support – $3,425
Major Resistance – $3,550
