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Ethereum price extended its rise above the $3,650 zone. ETH is consolidating and aiming for a fresh rise above the USD 3,750 resistance.
- Ethereum started a decent recovery wave above the $3,700 zone.
- The price is trading above USD 3,650 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $3,660 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it overcomes the $3,750 resistance level.
Ethereum price rises above USD 3,700
Ethereum price remained stable above the USD 3,550 level and continued its upward movement, just like Bitcoin. ETH gained pace and rose above the USD 3,620 and USD 3,650 resistance levels.
The bulls managed to surpass the USD 3,700 resistance level. It opened the doors for a move towards the $3,750 level. It reached a high at $3,742 and the price is now consolidating gains. There was a small decline below the 23.6% Fib retracement level on the upward move from the $3,593 swing low to the $3,742 high.
Ethereum price is now trading above $3,660 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $3,660 on the hourly chart of ETH/USD. The trendline is close to the 50% Fib retracement level of the upward move from the $3,593 swing low to the $3,742 high.
On the upside, the price seems to be facing hurdles around the USD 3,710 level. The first major resistance is around the $3,750 level. The main resistance is now forming around $3,780. A clear move above the USD 3,780 resistance could send the price towards the USD 3,850 resistance.
An upside break above the USD 3,850 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,920 or even USD 4,000 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,750 resistance, it could trigger another decline. The initial downside support is near the $3,660 level and the trendline. The first major support is around $3,620.
A clear move below the USD 3,620 support could push the price towards the USD 3,550 support. Any further losses could send the price towards the USD 3,500 support level in the near term. The next major support is at $3,420.
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 – $3,660
Major resistance level – $3,750