Ethereum price started to rise again from the $3,365 zone. ETH outperformed Bitcoin and could aim for a move towards the $3,800 resistance zone.
- Ethereum started to recover after the bulls appeared near the $3,365 zone.
- The price is trading above USD 3,550 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance around $3,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend gains if it remains above the $3,550 pivot level.
Ethereum price outperforms Bitcoin
Ethereum price extended losses below the USD 3,550 and USD 3,500 resistance levels. However, ETH bulls took a strong stand near the $3,350 zone. A low was formed at the $3,364 level and the price started rising again, outperforming Bitcoin.
There was a move above the USD 3,450 and USD 3,550 resistance levels. There was a break above a key bearish trendline with resistance around $3,550 on the hourly chart of ETH/USD. The pair even climbed above the USD 3,600 level and tested the USD 3,650 resistance.
A high was formed at $3,649 before dropping below $3,620. The price fell below the $3,600 support level and the 23.6% Fib retracement level of the upward move from the $3,364 swing low to the $3,649 high.
Ethereum is now trading above $3,550 and the 100-hourly Simple Moving Average. If a new increase occurs, the price may encounter resistance near the $3,620 level.
The first major resistance is around the $3,650 level. An upside break above the USD 3,650 resistance could push the price higher. The next major resistance is at USD 3,720, above which the price could gain strength and rise towards the USD 3,800 level.
A clear move above the $3,800 level could send Ether towards the $3,880 resistance. Even more gains could send Ether towards the USD 3,950 resistance zone.
Are dips limited in ETH?
If Ethereum fails to clear the USD 3,620 resistance, it could continue falling. The initial downside support is near USD 3,550. The first major support is at $3,500 and the 50% Fib retracement level of the upward move from the $3,364 swing low to the $3,649 high.
A clear move below the USD 3,500 support could push the price towards USD 3,420. Any further losses could send the price towards the USD 3,365 level in the near term.
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 near the 50 zone.
Major support level – $3,550
Major resistance level – $3,650