Ethereum price is showing positive movement above the $3,550 area. ETH could gain bullish momentum if it breaks out of the $3,650 resistance area in the near term.
- Ethereum started another increase near the $3,500 support area.
- The price is trading above $3,550 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 $3,550.
- If it settles above the $3,650 resistance zone, it could gain bullish momentum.
Ethereum price could rise higher
Ethereum price remained strong above $3,500. ETH has formed a base and, like Bitcoin, recently broke above the $3,600 resistance area and started a new rally.
However, the bears are still active near the $3,650 and $3,680 resistance levels. The highest price was reached around $3,654 and the price is currently on an upward trend. It fell a few points and traded below the 23.6% Fib retracement level, rising from the $3,491 swing low to the $3,654 high.
Ethereum is still trading above $3,550 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a major bullish trendline with support at $3,550. The trend line is close to the 61.8% Fib retracement level rising from the $3,491 swing low to the $3,654 high.
Source: ETHUSD on TradingView.com
Meanwhile, immediate resistance is close to the $3,630 level. The first major resistance is near the $3,650 level. 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. If there is a move above the $3,800 resistance level, Ethereum may head towards the $3,880 resistance level. You may need to test $4,000 to get more profits.
Are dips limited in ETH?
If Ethereum fails to clear the $3,650 resistance, it could begin another downtrend. Initial support for the downside is near the $3,600 level.
The first major support is near the $3,575 area. The next major support could be the $3,550 zone and the trend line. A clear move below the $3,550 support could lead the price towards $3,440. Any more losses could push the price down to the $3,320 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 – $3,550
Key Resistance Level – $3,650
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