Ethereum price started a new rise from the $3,350 support zone. ETH is outperforming Bitcoin and may rise further towards the $3,650 resistance.
- Ethereum is gaining pace from the key $3,365 support area.
- The price is trading above $3,450 and the 100-hour simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), a breakout occurred above a major bearish trendline with resistance near $3,460.
- The pair formed a double bottom pattern and rose above the $3,500 resistance.
Ethereum price holds key support
Ethereum price remained above the $3,350 support zone. ETH formed a double bottom pattern near $3,350 as discussed yesterday before forming a base and starting a new increase.
It outperformed Bitcoin and broke the $3,450 resistance line. There was a move clearly above the 50% Fib retracement level moving down from the $3,650 swing high to the $3,350 low. Additionally, a major bearish trendline with resistance near $3,460 was broken on the hourly chart of ETH/USD.
Ethereum is currently trading above $3,450 and the 100-hour simple moving average. It is also showing positive signs of further gains above the $3,535 level. On the upside, the price may face resistance near the $3,580 level or the 76.4% Fib retracement level for a downward move from the $3,650 swing high to the $3,350 low.
The first major resistance is near the $3,650 level. An upside reversal above the $3,650 resistance could push the price higher. The next major resistance level is $3,720, above which the price may gain traction and advance towards the $3,750 level.
A clear break above the $3,750 level could push Ether towards the $3,880 resistance. More gains could push Ethereum towards the $4,000 resistance zone in the coming days.
Another decline in ETH?
If Ethereum fails to clear the $3,580 resistance, another decline could begin. Initial support on the downside is near $3,500. The first major support is at $3,450.
A clear break below the $3,450 support could push the price towards $3,350. More losses could push the price towards the $3,220 level in the near term.
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 – $3,450
Key Resistance Level – $3,580