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Ethereum price started a new increase above the $3,400 zone. ETH is consolidating and could aim for a move above the USD 3,500 resistance.
- Ethereum started a new increase above the USD 3,320 and USD 3,400 levels.
- The price is trading above USD 3,400 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $3,400 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it crosses the $3,485 resistance zone.
Ethereum price holds gains above support
Ethereum price remained supported above $3,220 and started a new increase, while Bitcoin corrected gains. ETH gained pace and rose above the USD 3,420 and USD 3,450 resistance levels.
The bulls even pushed the price above the USD 3,500 resistance. It reached a high at $3,545 and recently the price corrected some gains. There was a move below the USD 3,500 level. The price fell below the 50% Fib retracement level of the upward move from the $3,289 swing low to the $3,545 high.
However, the bulls are active around the $3,400 level. There is also a major bullish trendline forming with support at $3,400 on the hourly chart of ETH/USD. The trendline is close to the 61.8% Fib retracement level of the upward move from the $3,289 swing low to the $3,545 high.
Ethereum price is now trading above $3,420 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 3,485 level.
The first major resistance is around the $3,500 level. The main resistance is now forming around $3,550. A clear move above the USD 3,550 resistance could send the price towards the USD 3,650 resistance. An upside break above the USD 3,650 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,720 or even USD 3,880 resistance zone.
Cons supported in ETH?
If Ethereum fails to clear the USD 3,500 resistance, it could trigger another decline. The initial downside support is near the $3,420 level. The first major support is near the $3,400 zone and the trendline.
A clear move below the USD 3,400 support could push the price towards USD 3,350. Any further losses could send the price towards the USD 3,285 support level in the near term. The next major support is at $3,220.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3,400
Major resistance level – $3,550