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Ethereum price remained supported above the $3,250 zone. ETH started a new rise and managed to break the USD 3,550 resistance zone.
- Ethereum started a new increase from the USD 3,250 support zone.
- The price is trading above $3,500 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $3,375 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is up almost 10% and is now consolidating gains near the $3,650 zone.
Ethereum Price Begins New Rise
Ethereum price remained above $3,250 and started a new rise with Bitcoin. ETH was able to surpass the USD 3,350 and USD 3,400 resistance levels.
There was a break above a connecting bearish trendline with resistance at $3,375 on the hourly chart of ETH/USD. The bulls pumped the price above the USD 3,500 and USD 3,550 resistance levels. It gained almost 10% to trade as high as $3,688.
The price is now correcting gains below the USD 3,650 level. Ethereum price is now trading above $3,550 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the upward move from the $3,254 swing low to the $3,688 high.
On the upside, the price seems to be facing hurdles around the USD 3,650 level. The first major resistance is around the $3,685 level. The main resistance is now forming around $3,720.
A clear move above the USD 3,720 resistance could send the price towards the USD 3,840 resistance. An upside break above the USD 3,840 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,950 or even USD 4,000 resistance zone.
Cons supported in ETH?
If Ethereum fails to clear the USD 3,685 resistance, it could trigger another decline. The initial downside support is near the $3,585 level. The first major support is near the $3,550 zone.
A clear move below the $3,550 support could push the price towards the 50% Fib retracement level of the upward move from the $3,254 swing low to the $3,688 high at $3,470. Any further losses could send the price towards the USD 3,350 support level in the near term. The next major support is at USD 3,250.
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 – $3,485
Major resistance level – $3,685
