Ethereum price is consolidating gains above $3,400. ETH is showing positive signs and may aim to move above the $3,500 resistance zone soon.
- Ethereum continues its upward trend and is consolidating below the $3,500 resistance zone.
- The price is trading above $3,400 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline with support at $3,420.
- The pair appears to be preparing for a move towards the $3,650 and $3,800 levels.
Ethereum price remains supported
Ethereum price formed a base above the $3,350 level and began another rally like Bitcoin. ETH broke the $3,400 level to set the pace for further upside.
There was a clear move above the 50% Fib retracement level of the downside correction from the $3,519 swing high to the $3,305 low. The bulls are now active above the $3,420 level. Additionally, on the hourly chart of ETH/USD, there is a major bullish trendline with support at $3,420.
Ethereum is currently trading above $3,450 and the 100-hour simple moving average. The $3,519 swing high to the $3,305 low is showing positive signs above the 76.4% Fib retracement level of the downside correction.
Immediate upward resistance is near the $3,500 level. The first major resistance is near the $3,520 level. The next major resistance level is near $3,550, above which the price could gain upward momentum. The next stop for the bulls could be near the $3,650 level.
Source: ETHUSD on TradingView.com
In case of a move above the $3,650 resistance, Ethereum may rebound towards the $3,720 resistance. A test of $3,800 may be needed for further gains.
Are dips supported on ETH?
If Ethereum fails to clear the resistance at $3,520, a downward correction could begin. Initial support for the downside is near the $3,420 level and trend line.
The first major support is near the $3,400 area or the 100-hourly SMA. The next major support could be the $3,350 zone. A clear move below the $3,350 support could lead the price towards $3,320. Any more losses could push the price down to the $3,150 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 – $3,400
Key Resistance Level – $3,520
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