Ethereum price rose above $3,500 but struggled near $3,580. For ETH to move further into positive territory, the resistance at $3,650 needs to be cleared.
- Ethereum is consolidating gains below the $3,650 resistance zone.
- The price is trading above $3,500 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a short-term rising channel forming with resistance near $3,585.
- A break above the $3,600 and $3,650 resistance levels could provide bullish momentum.
Ethereum price integration
Ethereum price started a significant rise from the $3,350 support zone. ETH formed a base and broke above the $3,450 and $3,500 resistance levels. It even surpassed Bitcoin and broke the $3,550 resistance line.
The downtrend is currently active below the $3,600 level. A high was made at $3,586 and the price is currently consolidating the gains. There was a slight decline below the $3,550 level. The price fell below the 23.6% Fib retracement level, which rose from the $3,350 swing low to the $3,586 high.
Ethereum is still trading above $3,500 and the 100-hour simple moving average. There is also a short-term upward channel on the hourly chart of ETH/USD with resistance forming near $3,585.
On the positive side, the price may face resistance near the $3,580 level or channel area. The first major resistance is near the $3,620 level. The main resistance level is $3,650. An upside reversal above the $3,650 resistance could push the price higher.
The next major resistance level is $3,720, above which the price may gain traction and advance towards the $3,750 level. A clear break above the $3,750 level could push Ether towards the $3,880 resistance. More gains could push Ethereum towards the $4,000 resistance zone in the coming days.
ETH falling again?
If Ethereum fails to clear the $3,600 resistance, it could begin another downtrend. Initial support on the downside is near $3,520 and the channel trendline. The first major support is $3,500.
A clear decline below the $3,500 support could push the price towards the 50% Fib retracement level of $3,465 or an increase from the $3,350 swing low to the $3,586 high. 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 above the 50 zone.
Key Support Level – $3,500
Key Resistance Level – $3,600