Ethereum price is consolidating gains above $3,400. ETH is showing positive signs and might soon aim for a move above the $3,500 resistance zone.
- Ethereum is holding gains and consolidating below the $3,500 resistance zone.
- The price is trading above $3,400 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair seems to be setting up for a move toward the $3,650 and $3,800 levels.
Ethereum Price Remains Supported
Ethereum price formed a base above the $3,350 level and started another increase, like Bitcoin. ETH broke the $3,400 level to set the pace for more upsides.
There was a clear move above the 50% Fib retracement level of the downside correction from the $3,519 swing high to the $3,305 low. The bulls are now active above the $3,420 level. There is also a key bullish trend line forming with support at $3,420 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,450 and the 100-hourly Simple Moving Average. It is showing positive signs above the 76.4% Fib retracement level of the downside correction from the $3,519 swing high to the $3,305 low.
Immediate resistance on the upside is near the $3,500 level. The first major resistance is near the $3,520 level. The next major resistance is near $3,550, above which the price might gain bullish momentum. Â The next stop for the bulls could be near the $3,650 level.
Source: ETHUSD on TradingView.com
If there is a move above the $3,650 resistance, Ether could even rally toward the $3,720 resistance. Any more gains might call for a test of $3,800.
Are Dips Supported In ETH?
If Ethereum fails to clear the $3,520 resistance, it could start a downside correction. Initial support on the downside is near the $3,420 level and the trend line.
The first major support is near the $3,400 zone or the 100 hourly SMA. The next key support could be the $3,350 zone. A clear move below the $3,350 support might send the price toward $3,320. Any more losses might send the price toward the $3,150 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 – $3,400
Major Resistance Level – $3,520
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.