As expectations for the ETH ETF rise, the price of Ethereum rises by more than 20%. ETH has overcome many obstacles and even broke the $3,500 resistance zone.
- Ethereum started a new surge and cleared the $3,500 resistance 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 short-term ascending channel with support at $3,640.
- Unless the price closes below the $3,400 support, the pair may continue to rise.
Ethereum price begins a new uptrend
Ethereum price formed a base and rebounded above the $3,200 resistance zone. Recent SEC moves have raised expectations for the ETH ETF. The trade took advantage of the recent move to see a strong rally above the $3,350 resistance zone.
It has risen more than 20%, outperforming Bitcoin. There was strong movement above the $3,500 resistance zone. It traded at a new weekly high of $3,721 and is currently consolidating gains above the 23.6% Fib retracement level, rising from the $3,067 swing low to the $3,721 high.
Ethereum is currently trading above $3,600 and the 100-hour simple moving average. Additionally, a short-term upward channel has formed on the hourly chart of ETH/USD with support at $3,640.
Immediate resistance is near the $3,700 level. The first major resistance is near the $3,720 level. An upside reversal above the $3,720 resistance could push the price higher.
The next major resistance level is $3,800, above which the price may gain traction and advance towards the $3,880 level. A clear move above the $3,880 level could push the price higher to test the $3,950 resistance. Further gains could lead Ether towards the $4,000 resistance zone.
Is a decline attractive in ETH?
If Ethereum fails to clear the resistance at $3,720, a downward correction could begin. Initial support on the downside is near the $3,640 level and channel area.
The next major support level is near $3,600. A clear move below the $3,600 support could push the price towards $3,500. More losses could push the price towards the $3,400 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now correcting in the 85 area.
Key Support Level – $3,600
Key Resistance Level – $3,720