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Ethereum price is recovering to higher levels in the $3,500 range. ETH is showing bullish signals and may aim to move above the $3,700 resistance zone soon.
- Ethereum remained in positive territory, hovering above the $3,500 area.
- The price is trading above $3,620 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a bearish trend line connecting with resistance at $3,600.
- A break out of the $3,700 area could start the price rise again.
Ethereum price rises again
Ethereum price failed to clear the $3,680 resistance area and corrected some gains like Bitcoin. ETH fell below the $3,600 and $3,550 support levels. It even retested the $3,500 support level.
The low was formed at $3,505 and the price is currently attempting a new rise. There was a move above the $3,600 and $3,620 levels. Price cleared the 50% Fib retracement level moving down from the $3,760 swing high to the $3,505 low.
Additionally, the bearish trend line connecting the $3,600 resistance level was broken on the ETH/USD hourly chart. Ethereum price is currently trading above $3,600 and the 100-hour simple moving average.
On the other hand, the price appears to be facing a hurdle near the $3,680 level. The first major resistance is near the $3,700 level or the 76.4% Fib retracement level for a downside move from the $3,760 swing high to the $3,505 low. Major resistance is currently forming near $3,750.
A clear break above the $3,750 resistance level could push the price towards the $3,880 resistance level. An upside break above the $3,880 resistance could lead to further gains in the coming sessions. If indicated, Ethereum could rise to the $4,000 resistance zone or even $4,120.
ETH falling again?
If Ethereum fails to clear the $3,700 resistance, it could begin another downtrend. Initial support for the downside is near the $3,600 level. The first major support is near the $3,550 area.
A clear move below the $3,550 support could push the price towards the $3,500 support. More losses could push the price towards the $3,420 support level in the near term. The next major support level is $3,350.
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 area.
Key Support Level – $3,600
Key Resistance Level – $3,700