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Ethereum price maintains an upward trend above the $3,500 area. ETH is consolidating and could soon aim to move above the $3,600 resistance area.
- Ethereum began a downward correction in the $3,685 area.
- The price is trading above $3,520 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a bearish trend line tying with resistance at $3,600.
- A break out of the $3,600 area could start the price rise again.
Ethereum price sees fresh surge
Ethereum price remained above $3,250 and began a new upward trend, surpassing Bitcoin. ETH was able to break above the $3,500 and $3,550 resistance levels.
The bulls pushed the price above the $3,650 level. A high was reached at $3,688, with the price correcting some recent gains. There was a slight decline below the $3,650 and $3,620 levels. Prices fell below the 23.6% Fib retracement level of the bullish wave from the $3,255 swing low to the $3,688 high.
Ethereum price is currently trading above $3,520 and the 100-hour simple moving average. On the other hand, the price appears to be facing a hurdle near the $3,600 level. On the hourly chart of ETH/USD, there is also a bearish trend line connecting with resistance at $3,600.
The first major resistance is near the $3,650 level. Major resistance is currently forming near $3,680. A clear break above the $3,680 resistance level could push the price towards the $3,750 resistance level. An upside break above the $3,750 resistance could lead to further gains in the coming sessions. If indicated, Ethereum could rise to the $3,880 resistance zone or even $3,920.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,650 resistance, another decline could begin. Initial support for the downside is near the $3,540 level. The first major support is near the $3,500 area.
A clear decline below the $3,500 support could push the price towards the 50% Fib retracement level, rising from the $3,254 swing low to the $3,688 swing high to $3,470. More losses could push the price towards the $3,400 support level in the near term. The next major support level is $3,350.
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 – $3,540
Key Resistance Level – $3,650