Ethereum price is attempting a fresh increase above the $3,500 zone. ETH must clear the $3,680 resistance to continue higher in the near term.
- Ethereum is gaining pace above the $3,500 support zone.
- The price is trading above $3,600 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $3,560 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above the $3,680 resistance zone.
Ethereum Price Eyes Steady Increase
Ethereum price started a decent increase above the $3,550 resistance zone. ETH bulls were able to push the price in a positive zone above the $3,600 level, like Bitcoin.
ETH climbed above the $3,650 resistance zone. A high was formed at $3,680 and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the upward move from the $3,301 swing low to the $3,680 high.
Ethereum is now trading above $3,600 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,560 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, immediate resistance is near the $3,680 level. The first major resistance is near the $3,720 level. The next key resistance sits at $3,750, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,880 level. If there is a move above the $3,880 resistance, Ethereum could even climb toward the $4,000 resistance. Any more gains might call for a test of $4,080.
Are Dips Limited In ETH?
If Ethereum fails to clear the $3,680 resistance, it could start another decline. Initial support on the downside is near the $3,600 level.
The first major support is near the $3,580 zone and the trend line. The next key support could be the $3,500 zone or the 50% Fib retracement level of the upward move from the $3,301 swing low to the $3,680 high. A clear move below the $3,500 support might send the price toward $3,380. Any more losses might send the price toward the $3,120 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,600
Major Resistance Level – $3,680
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Author: Aayush Jindal
