Ethereum price is soaring above the $3,550 resistance level. ETH is following Bitcoin and may soon rebound towards the $4,000 resistance zone.
- Ethereum is gaining speed above the $3,550 resistance zone.
- The price is trading above $3,650 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a bullish trendline connected to support at $3,600.
- The pair appears to be preparing for a move towards the $3,850 and $4,000 levels.
Ethereum price begins a new surge
The price of Ethereum, like Bitcoin, continued its upward trend above the $3,500 level. BTC surged and even surged above the $68,000 level. ETH is showing signs of strength and is surging above the $3,650 level.
There was a clear move above the $3,700 level. A new multi-month high was reached at $3,715 and the price is currently on an upward trend. It is trading above the 23.6% Fib retracement level, rising from the $3,465 swing low to the $3,715 high.
Ethereum is currently trading above $3,650 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD there is a bullish trend line connecting with support at $3,600. The trend line is close to the 50% Fib retracement level rising from the $3,465 swing low to the $3,715 high.
Immediate upside resistance is near the $3,720 level. The first major resistance is near the $3,780 level. The next major resistance level is near $3,850, above which the price could gain upward momentum. The next stop for the bulls could be near the $3,920 level.
Source: ETHUSD on TradingView.com
Any move above the $3,920 resistance level could lead Ethereum to rally towards the $4,000 resistance level. A test of $4,200 may be needed for further gains.
Fixing ETH’s shortcomings?
If Ethereum fails to clear the resistance at $3,720, a downward correction could begin. Initial support for the downside is near the $3,650 level.
The first major support is near the $3,600 area and trend line. The next major support could be the $3,550 zone. A clear move below the $3,550 support could lead the price towards $3,420. Any more losses could push the price down to the $3,350 level.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $3,600
Key Resistance Level – $3,720
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