Ethereum price is showing positive signs above $3,550. For ETH to continue rising in the near term, the resistance at $3,680 must be removed.
- Ethereum began another increase above the $3,550 resistance zone.
- 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 forming with support at $3,590.
- If it settles above the $3,680 resistance zone, it could continue to rise.
Ethereum price maintains upward trend
Ethereum price began another rise above the $3,500 resistance zone. ETH bulls could push the price above the $3,580 level like Bitcoin.
ETH broke above the $3,650 resistance level. It reached a high of $3,680 before the price began a downward correction. There was a slight decline below the $3,600 level. The price fell below the 23.6% Fib retracement level, rising from the $3,302 swing low to the $3,680 high.
Ethereum is currently trading above $3,580 and the 100-hour simple moving average. Additionally, there is a major bullish trendline forming on the hourly chart of ETH/USD with support at $3,590.
Source: ETHUSD on TradingView.com
On the other hand, immediate resistance is close to the $3,640 level. The first major resistance is near the $3,680 level. The next major resistance level is $3,720, 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 supported on ETH?
If Ethereum fails to clear the $3,640 resistance, it could begin another downtrend. Initial support for the downside is near the $3,590 level and trendline.
The first major support is near the $3,550 area. The next major support could be the $3,500 zone or the 50% Fib retracement level of the rise from the $3,302 swing low to the $3,680 high. A clear move below the $3,500 support could lead the price towards $3,390. Any more losses could push the price down to the $3,250 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 – $3,590
Key Resistance Level – $3,680
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