Ethereum price is rising above the $3,600 resistance level. ETH could continue its upward trend if it breaks out of the $3,725 resistance area.
- Ethereum is targeting further gains above the $3,725 and $3,745 levels.
- 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 connected bullish trendline forming around support at $3,480.
- A close above the $3,725 resistance zone could allow the pair to extend the rally.
Ethereum price rises more than 8%
Ethereum price formed a base and, like Bitcoin, began a significant rise above the $3,500 resistance level. ETH has moved into positive territory above the $3,600 and $3,650 levels.
A new weekly high was set at $3,726 and the price is currently on an upward trend. The price is well above the 23.6% Fib retracement level rising from the $3,224 swing low to the $3,726 low. It has risen by more than 8%, and there is a possibility of further rise.
Ethereum is trading above $3,650 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a connecting bullish trendline with support at $3,480. It is close to 50% of the Fib retracement level, rising from the $3,224 swing low to the $3,726 low.
Immediate resistance is near the $3,725 level. The first major resistance is near the $3,750 level. The next major resistance is $3,800, above which the price could test the $3,880 level, above which Ether could gain bullish momentum.
Source: ETHUSD on TradingView.com
If stated, the price could rise to the $3,880 region. If there is a move above the $3,920 resistance, Ethereum may rise to the $4,000 resistance.
Are dips limited in ETH?
If Ethereum fails to clear the $3,725 resistance, a downward correction could begin. Initial support for the downside is near the $3,620 level.
The first major support is near the $3,500 area or trendline. The next major support could be the $3,420 zone. A clear move below the $3,420 support could lead the price towards $3,350. Any more losses could push the price down to the $3,220 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 – $3,500
Key Resistance Level – $3,725
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