Ethereum price is holding gains above the $3,500 zone. ETH could gain bullish momentum if it clears the $3,680 resistance zone in the near term.
Ethereum retested the $3,450 and is currently moving higher.
The price is trading above $3,500 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $3,540 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it settles above the $3,680 resistance zone.
Ethereum Price Eyes Fresh Increase
Ethereum price started another downside correction below the $3,550 zone. ETH retested the $3,450 zone before the bulls appeared, like Bitcoin. A low was formed near $3,459 and the price recently climbed higher.
There was a move above the $3,520 resistance zone. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $3,680 swing high to the $3,459 low. There was also a break above a key bearish trend line with resistance at $3,540 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,520 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,600 level. The first major resistance is near the $3,630 level. It is near the 76.4% Fib retracement level of the downward move from the $3,680 swing high to the $3,459 low.
Source: ETHUSD on TradingView.com
The next key resistance sits at $3,680, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,800 level. If there is a move above the $3,880 resistance, Ethereum could even climb toward the $3,920 resistance. Any more gains might call for a test of $4,000.
Another Decline In ETH?
If Ethereum fails to clear the $3,630 resistance, it could start another decline. Initial support on the downside is near the $3,540 level.
The first major support is near the $3,480 zone. The next key support could be the $3,450 zone. A clear move below the $3,450 support might send the price toward $3,325. Any more losses might send the price toward the $3,250 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,450
Major Resistance Level – $3,680
