Ethereum price is consolidating above the $3,450 support area. In the near term, ETH would need to clear $3,560 and $3,620 to start a new increase.
- Ethereum is trading in a range above the $3,450 support area.
- The price is trading above $3,500 and the 100-hour simple moving average.
- There is a new connecting bearish trendline forming with resistance at $3,550 on the hourly chart of ETH/USD (data feed via Kraken).
- A stay above the $3,420 support area could provide bullish momentum.
Ethereum price rise reverses
Ethereum price attempted another rally above the $3,550 resistance level. ETH rose above $3,600, but like Bitcoin, the upside was limited. The highest price was reached at $3,614 before the price began to rise.
It fell below $3,500 to $3,476. The price has recovered again and is moving above $3,500. There was a move above the 23.6% Fib retracement level of the recent decline from the $3,614 swing high to the $3,476 low.
Ethereum is currently trading above $3,500 and the 100-hour simple moving average. Immediate resistance is near the $3,550 level or the 50% Fib retracement level of the recent decline from the $3,614 swing high to the $3,476 low. Additionally, on the hourly chart of ETH/USD, there is a new connecting bearish trendline forming resistance at $3,550.
Source: ETHUSD on TradingView.com
The first major resistance is near the $3,620 level. The next major resistance is $3,650, above which the $3,720 level could be tested. The major hurdle could be $3,750, above which Ethereum could show strength. If stated, the price could rise to the $3,820 region. If there is a move above the $3,820 resistance level, Ethereum may rise to the $4,000 resistance level.
Another rejection by ETH?
If Ethereum fails to clear the $3,550 resistance, another decline could begin. Initial support for the downside is near the $3,500 level.
The first major support is near the $3,475 area. The next major support could be the $3,420 zone. A clear move below the $3,420 support could lead the price towards $3,320. Any more losses could push the price down to the $3,240 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $3,475
Key Resistance Level – $3,550
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