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Ethereum price is holding gains above the $3,500 zone. ETH could gain bullish momentum if it clears the $3,680 resistance zone in the near term.
- Ethereum retested the $3,450 and is currently moving higher.
- The price is trading above $3,500 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $3,540 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it settles above the $3,680 resistance zone.
Ethereum Price Eyes Fresh Increase
Ethereum price started another downside correction below the $3,550 zone. ETH retested the $3,450 zone before the bulls appeared, like Bitcoin. A low was formed near $3,459 and the price recently climbed higher.
There was a move above the $3,520 resistance zone. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $3,680 swing high to the $3,459 low. There was also a break above a key bearish trend line with resistance at $3,540 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,520 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,600 level. The first major resistance is near the $3,630 level. It is near the 76.4% Fib retracement level of the downward move from the $3,680 swing high to the $3,459 low.
Source: ETHUSD on TradingView.com
The next key resistance sits at $3,680, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,800 level. If there is a move above the $3,880 resistance, Ethereum could even climb toward the $3,920 resistance. Any more gains might call for a test of $4,000.
Another Decline In ETH?
If Ethereum fails to clear the $3,630 resistance, it could start another decline. Initial support on the downside is near the $3,540 level.
The first major support is near the $3,480 zone. The next key support could be the $3,450 zone. A clear move below the $3,450 support might send the price toward $3,325. Any more losses might send the price toward the $3,250 level.
Technical Indicators
Hourly MACD – 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.
Major Support Level – $3,450
Major Resistance Level – $3,680
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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