Ethereum price maintains its gains above the $3,500 zone. ETH could gain bullish momentum if it breaks the $3,680 resistance zone in the near term.
- Ethereum has retested $3,450 and is currently rising.
- The price is trading above $3,500 and the 100 hourly simple moving average.
- There was a break above a key downtrend line with resistance at $3,540 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could gain bullish momentum if it settles above the $3,680 resistance zone.
Ethereum Price Eyes Further Rise
Ethereum price began another downward correction below the $3,550 area. ETH retested the $3,450 zone before bulls emerged, like Bitcoin. A low was formed near $3,459 and the price has been moving higher recently.
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 high to $3,459 low. There was also a break above a key downtrend line with resistance at $3,540 on the ETH/USD hourly chart.
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 high to $3,459 low.
Source: ETHUSD on TradingView.com
The next key resistance lies at $3,680, above which the price could gain bullish momentum. In the indicated case, Ether could rally towards the $3,800 level. If there is a move above the $3,880 resistance, Ethereum could even climb towards the $3,920 resistance. Any additional gains could require a $4,000 test.
Another drop in ETH?
If Ethereum fails to clear the $3,630 resistance, it could begin a further decline. Initial downside support is near the $3,540 level.
The first major support lies near the $3,480 area. The next key support could be the $3,450 area. A sharp move below the $3,450 support could push the price towards $3,325. Any further losses could push the price towards 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
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