Ethereum price remained stable above the USD 3,400 resistance zone. ETH tested $3,500 again and seems to be struggling to stay higher.
- Ethereum holds gains and struggles near the $3,500 zone.
- The price is trading above USD 3,400 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $3,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it overcomes the USD 3,500 and USD 3,550 resistance levels.
Ethereum Price Faces a Major Hurdle, Can It Continue Higher?
Ethereum price remained in a bullish zone above the USD 3,350 resistance zone. ETH even climbed above the $3,400 resistance to move further into a positive zone. However, the price seems to be facing strong resistance near the $3,500 zone, unlike Bitcoin which breached the $65,000 mark.
A high was reached at $3,515 and the price is now consolidating gains. The price corrected a few points and tested the 23.6% Fib retracement level of the upward wave from the $3,350 swing low to the $3,515 high.
Ethereum is now trading above $3,400 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $3,350 on the hourly chart of ETH/USD. On the upside, the price is facing resistance around the $3,500 level.
The first major resistance is around the $3,520 level. The next major hurdle is near the USD 3,550 level. A close above the USD 3,550 level could send Ether towards the USD 3,650 resistance.
The next major resistance is near USD 3,740. An upside break above the USD 3,740 resistance could send the price higher towards the USD 3,800 resistance zone in the coming days.
Are dips supported in ETH?
If Ethereum fails to clear the USD 3,500 resistance, it could initiate a downward correction. Initial support on the downside is near $3,420 and the 61.8% Fib retracement level of the upward wave from the $3,350 swing low to the $3,515 high.
The first major support is near the $3,350 zone and the trendline. A clear move below the USD 3,350 support could push the price towards USD 3,320. Any further losses could send the price towards the USD 3,250 support level in the near term. The next major support is at $3,220.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3,350
Major resistance level – $3,500