Ethereum price continues to rise above the $3,500 zone. If ETH can break out of the $3,680 resistance zone in the near term, it could gain bullish momentum.
- Ethereum retested $3,450 and is now moving higher.
- The price is trading above $3,500 and the 100 hourly 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 $3,540.
- The pair could gain bullish momentum if it breaks above the $3,680 resistance zone.
Ethereum price sees new rise
Ethereum price fell below the $3,550 zone and started to correct downwards again. ETH, like Bitcoin, retested the $3,450 zone before the bulls emerged. The low was formed around $3,459 and the price has recently risen.
There was a move above the $3,520 resistance zone. The bulls pushed the price above the 50% Fib retracement level of the decline from the swing high of $3,680 to the low of $3,459. On the hourly chart of ETH/USD, there was a breakout above the main bearish trend line with resistance at $3,540.
Ethereum is currently trading above $3,520 and its 100 hourly simple moving average. On the upside, immediate resistance lies near his $3,600 level. The first major resistance level is near the $3,630 level. This is near the 76.4% Fib retracement level of the decline from the swing high of $3,680 to the low of $3,459.
Source: ETHUSD on TradingView.com
The next major resistance lies at $3,680, above which the price could gain bullish momentum. In the above case, Ether could rise towards his $3,800 level. A move above the $3,880 resistance could even push Ethereum higher towards the $3,920 resistance. Any profit greater than this may require a $4,000 test.
Will ETH fall again?
If Ethereum fails to break out of the resistance at $3,630, further decline could begin. The first support on the downside is near the $3,540 level.
The first major support is located near the $3,480 zone. The next major support could be the $3,450 zone. A clear break below the $3,450 support could push the price towards $3,325. Any further losses could send the price towards the $3,250 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $3,450
High resistance level – $3,680
