Ethereum price is attempting a new uptrend beyond the $3,400 area. For ETH to continue rising in the near term, the resistance at $3,580 needs to be cleared.
- Ethereum is holding gains above the $3,250 support zone.
- The price is trading above $3,400 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a major bearish trendline with resistance at $3,400.
- If it settles above the $3,500 resistance zone, it could continue to rise.
Ethereum Price Eyes Fresh Increase
Ethereum price remained stable above the $3,250 support zone. ETH formed a base and, like Bitcoin, began a new rise above the $3,350 resistance level.
ETH broke above the $3,400 resistance zone. There was a move above the 50% Fib retracement level, moving downward from the $3,587 swing high to the $3,250 low. On the hourly chart of ETH/USD, a major bearish trend line has been broken with resistance at $3,400.
Ethereum is currently trading above $3,400 and the 100-hour simple moving average. On the other hand, immediate resistance is close to the $3,500 level. It is close to the 76.4% Fib retracement level of the downward move from the $3,587 swing high to the $3,250 low.
Source: ETHUSD on TradingView.com
The first major resistance is near the $3,550 level. The next major resistance level is $3,580, above which the price may gain upward momentum. If specified, Ethereum could rise to the $3,720 level. Any move above the $3,720 resistance level could push Ethereum towards the $3,880 resistance level. You may need to test $4,000 to get more profits.
Another decline in ETH?
If Ethereum fails to clear the $3,500 resistance, another decline could begin. Initial support for the downside is near the $3,400 level.
The first major support is near the $3,250 area. The next major support could be the $3,060 zone. A clear move below the $3,060 support could point the price towards $3,000. Any more losses could push the price down to the $2,880 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 – $3,580
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