Ethereum price is pacing above the $3,600 resistance zone. If ETH can break out of the $3,725 resistance zone, it could extend its upside.
- Ethereum is aiming for further gains above the $3,725 and $3,740 levels.
- The price is trading above $3,650 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a bullish trend line has formed connecting at $3,480 as support.
- The pair could extend the upside if the price closes above the $3,725 resistance zone.
Ethereum price soars more than 8%
Ethereum price has formed a base and started a decent rise above the $3,500 resistance, similar to Bitcoin. ETH has moved into the positive zone above the $3,600 and $3,650 levels.
A new weekly high was formed at $3,726, and the price is now consolidating its gains. Price is well above the 23.6% Fib retracement level rising from the swing low of $3,224 to the low of $3,726. It is up more than 8% and could rise further.
Ethereum is trading above $3,650 and its 100 hourly simple moving average. On the hourly chart of ETH/USD, there is also a connecting bullish trend line forming with support at $3,480. This is close to the 50% Fib retracement level from the swing low of $3,224 to the low of $3,726.
Immediate resistance is near the $3,725 level. The first major resistance level is near the $3,750 level. The next major resistance lies at $3,800, above which the price could test her $3,880 level, above which Ether could gain bullish momentum.
Source: ETHUSD on TradingView.com
In the above case, the price could rise towards the $3,880 zone. A move above the $3,920 resistance could even push Ethereum higher toward the $4,000 resistance.
Are ETH dips limited?
If Ethereum fails to clear the $3,725 resistance level, a downside correction could begin. Initial support on the downside is near the $3,620 level.
The first major support is near the $3,500 zone or trendline. The next major support could be the $3,420 zone. A clear break below the support at $3,420 could push the price towards $3,350. Any further losses could send the price towards the $3,220 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 – $3,500
Major Resistance Level – $3,725
