Ethereum price is attempting a new uptrend above the $3,400 zone. For ETH to continue rising in the short term, it needs to clear the $3,580 resistance.
- Ethereum continues to rise above the $3,250 support zone.
- The price is trading above $3,400 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), the pair has broken out above a major bearish trendline with resistance at $3,400.
- If the pair breaks above the $3,500 resistance zone, it is likely that the pair will continue to move higher.
Ethereum price sees new rise
Ethereum price remained stable above the $3,250 support zone. ETH formed a base and started a new rally above the $3,350 resistance level, similar to Bitcoin.
ETH has risen above the $3,400 resistance zone. There was a move above the 50% Fib retracement level of the decline from the swing high of $3,587 to the low of $3,250. On the hourly chart, ETH/USD has broken above the major bearish trend line with resistance at $3,400.
Ethereum is currently trading above $3,400 and its 100 hourly simple moving average. On the upside, immediate resistance is near his $3,500 level. This is near the 76.4% Fib retracement level of the decline from the swing high of $3,587 to the low of $3,250.
Source: ETHUSD on TradingView.com
The first major resistance level is near the $3,550 level. The next major resistance lies at $3,580, above which the price could gain bullish momentum. In the above case, Ether could rise towards his $3,720 level. A move above the $3,720 resistance could even push Ethereum higher towards the $3,880 resistance. Any profit greater than this may require a $4,000 test.
Will ETH fall again?
If Ethereum fails to break through the $3,500 resistance, further declines could begin. Initial support on the downside is near the $3,400 level.
The first major support is located near the $3,250 zone. The next major support could be the $3,060 zone. A clear break below the $3,060 support could push the price towards $3,000. Further losses could send the price towards the $2,880 level.
technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $3,400
Major Resistance Level – $3,580
