Ethereum price is consolidating above the $3,450 support zone. ETH must clear $3,560 and $3,620 to start a fresh increase in the near term.
- Ethereum is trading in a range above the $3,450 support zone.
- The price is trading above $3,500 and the 100-hourly Simple Moving Average.
- There is a new connecting bearish trend line forming with resistance at $3,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it stays above the $3,420 support zone.
Ethereum Price Eyes Upside Break
Ethereum price attempted another increase above the $3,550 resistance. ETH even climbed above $3,600, but the upsides were limited like Bitcoin. A high was formed at $3,614 before the price trimmed gains.
It declined below $3,500 and treaded as low as $3,476. The price is again recovering and moving above $3,500. There was a move above the 23.6% Fib retracement level of the recent decline from the $3,614 swing high to the $3,476 low.
Ethereum is now trading above $3,500 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,550 level or the 50% Fib retracement level of the recent decline from the $3,614 swing high to the $3,476 low. There is also a new connecting bearish trend line forming with resistance at $3,550 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The first major resistance is near the $3,620 level. The next key resistance sits at $3,650, above which the price might test the $3,720 level. The key hurdle could be $3,750, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,820 zone. If there is a move above the $3,820 resistance, Ethereum could even rise toward the $4,000 resistance.
Another Rejection In ETH?
If Ethereum fails to clear the $3,550 resistance, it could start another decline. Initial support on the downside is near the $3,500 level.
The first major support is near the $3,475 zone. The next key support could be the $3,420 zone. A clear move below the $3,420 support might send the price toward $3,320. Any more losses might send the price toward the $3,240 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,475
Major Resistance Level – $3,550
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.
