Ethereum price remains stable above the $3,400 resistance level. ETH has tested $3,500 again and appears to be struggling to move higher.
- Ethereum is trending upwards and struggling near the $3,500 level.
- The price is trading above $3,400 and the 100 hourly simple moving average.
- On the ETH/USD hourly chart based on data provided by Kraken, there is a support line forming at $3,350, with a major bullish trend line forming.
- The pair could continue its uptrend if it breaks the resistance levels of $3,500 and $3,550.
Ethereum Price Faces Major Challenges, Can It Continue to Rise?
Ethereum price remained in a bullish zone above the $3,350 resistance zone. ETH moved above the $3,400 resistance zone and into a more positive zone. However, unlike Bitcoin, which broke through $65,000, the price appears to be facing strong resistance near the $3,500 zone.
A high was formed at $3,515 and the price is now consolidating in the uptrend. The price corrected a few points and tested the 23.6% Fibonacci retracement level of the uptrend from the $3,350 swing low to the $3,515 high.
Ethereum is currently trading above $3,400 and the 100-hour SMA. There is also a major bullish trend line forming with support at $3,350 on the hourly chart of ETH/USD. On the upside, it is facing resistance near $3,500.
The first major resistance level is near the $3,520 level. The next major hurdle is near the $3,550 level. A close above the $3,550 level could see Ether move towards the $3,650 resistance level.
The next major resistance is near $3,740. A break above the $3,740 resistance could push the price towards the $3,800 resistance in the coming days.
Is the price drop supported in ETH?
If Ethereum fails to break above the $3,500 resistance, a downward correction could begin. Initial support for the downtrend is near $3,420, which is the 61.8% Fibonacci correction level of the uptrend from the $3,350 swing low to the $3,515 high.
The first major support is near the $3,350 area and the trend line. A clear move below the $3,350 support could push the price up to $3,320. Further losses could push the price up to the $3,250 support in the short term. The next major support is at $3,220.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Key Support Level – $3,350
Key Resistance Level – $3,500