Ethereum price maintains an upward trend above the $3,500 area. ETH could gain bullish momentum if it breaks out of the $3,680 resistance area in the near term.
- Ethereum has retested $3,450 and is currently climbing higher.
- The price is trading above $3,500 and the 100-hour simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), a breakout occurred above the main bearish trendline with resistance at $3,540.
- If it settles above the $3,680 resistance zone, it could gain bullish momentum.
Ethereum Price Eyes Fresh Increase
Ethereum price began another downward correction below the $3,550 area. ETH retested the $3,450 area before a Bitcoin-like bullish move. Lows were made near $3,459 and the price has recently risen further.
There was a move above the $3,520 resistance zone. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $3,680 swing high to the $3,459 low. Additionally, on the hourly chart of ETH/USD, a breakout occurred above the main bearish trend line with resistance at $3,540.
Ethereum is currently trading above $3,520 and the 100-hour simple moving average. On the other hand, immediate resistance is close to the $3,600 level. The first major resistance is near the $3,630 level. This is close to the 76.4% Fib retracement level of the downward move from the $3,680 swing high to the $3,459 low.
Source: ETHUSD on TradingView.com
The next major resistance level is $3,680, above which the price could gain upward momentum. If specified, Ethereum could rise to the $3,800 level. Any move above the $3,880 resistance level could push Ethereum towards the $3,920 resistance level. You may need to test $4,000 to get more profits.
Another decline in ETH?
If Ethereum fails to clear the $3,630 resistance, it could begin another downtrend. Initial support for the downside is near the $3,540 level.
The first major support is near the $3,480 area. The next major support could be the $3,450 zone. A clear move below the $3,450 support could lead the price towards $3,325. Any more losses could push the price down to the $3,250 level.
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 level.
Key Support Level – $3,450
Key Resistance Level – $3,680
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