Ethereum price is attempting a new rise above $3,500. For ETH to continue rising in the near term, the resistance at $3,680 must be removed.
- Ethereum is gaining pace above the $3,500 support area.
- The price is trading above $3,600 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline with support at $3,560.
- If it settles above the $3,680 resistance zone, it could continue to rise.
Ethereum price is showing a steady upward trend.
Ethereum price began a significant rise above the $3,550 resistance zone. The ETH rally could push the price above the $3,600 level like Bitcoin.
ETH broke above the $3,650 resistance level. A high was formed at $3,680 and the price is now consolidating gains. The uptrend remains above the 23.6% Fib retracement level from the $3,301 swing low to the $3,680 high.
Ethereum is currently trading above $3,600 and the 100-hour simple moving average. Additionally, there is a major bullish trendline on the hourly chart of ETH/USD with support at $3,560.
Source: ETHUSD on TradingView.com
On the other hand, immediate resistance is close to the $3,680 level. The first major resistance is near the $3,720 level. The next major resistance level is $3,750, above which the price could gain upward momentum. If specified, Ethereum could rise to the $3,880 level. If there is a move above the $3,880 resistance level, Ethereum may go up to the $4,000 resistance level. A test of $4,080 may be needed for further gains.
Are dips limited in ETH?
If Ethereum fails to clear the $3,680 resistance, it could begin another downtrend. Initial support for the downside is near the $3,600 level.
The first major support is near the $3,580 area and trend line. The next major support could be the $3,500 zone or the 50% Fib retracement level of the rise from the $3,301 swing low to the $3,680 high. A clear move below the $3,500 support could lead the price towards $3,380. Any more losses could push the price down to the $3,120 level.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $3,600
Key Resistance Level – $3,680
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