Ethereum price is still struggling to break the USD 3,500 resistance zone. ETH is now consolidating and could make another attempt to clear $3,550.
- Ethereum is consolidating below the USD 3,550 resistance zone.
- The price is trading above USD 3,450 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $3,440 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if there is a clear move above the $3,500 resistance zone.
Ethereum price holds gains above USD 3,450
Ethereum price remained in a bullish zone above the USD 3,420 resistance zone. ETH made another attempt to break the $3,550 resistance zone but failed just like Bitcoin. The price responded to the downtrend and tested the USD 3,425 level.
A low is formed near $3,427 and the price is rising. There was a move above the USD 3,450 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $3,563 swing high to the $3,427 low. There is also a major bullish trendline forming with support at $3,440 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,450 and the 100-hourly Simple Moving Average. If the price remains above the 100-hour Simple Moving Average, another increase can be attempted. On the upside, the price is facing resistance near the $3,500 level or the 50% Fib retracement level of the downward move from the $3,563 swing high to the $3,427 low.
The first major resistance is around the $3,550 level. The next major hurdle is near the USD 3,565 level. A close above the USD 3,565 level could send Ether towards the USD 3,650 resistance. The next major resistance is near USD 3,720. An upside break above the USD 3,720 resistance could send the price higher towards the USD 3,800 resistance zone in the coming days.
Lose more in ETH?
If Ethereum fails to clear the USD 3,500 resistance, it could trigger another pullback. The initial downside support is near USD 3,460. The first major support is near the $3,440 zone and the trendline.
A clear move below the USD 3,440 support could push the price towards USD 3,420. Any further losses could send the price towards the USD 3,350 support level in the near term. The next major support is at $3,320.
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 – $3,440
Major resistance level – $3,550