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Ethereum price is recovering higher from the $3,500 zone. ETH is showing bullish signs and could soon target a move above the USD 3,700 resistance zone.
- Ethereum remained in a positive zone and remained above the $3,500 zone.
- The price is trading above USD 3,620 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $3,600 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could restart its rise if it crosses the $3,700 zone.
Ethereum Price Makes New Rise
Ethereum price failed to break the USD 3,680 resistance zone and corrected some gains such as that of Bitcoin. ETH fell below the USD 3,600 and USD 3,550 support levels. It even retested the USD 3,500 support level.
A low was formed at $3,505 and the price is now trying to make a new increase. There was a move above the USD 3,600 and USD 3,620 levels. The price cleared the 50% Fib retracement level of the downward move from the $3,760 swing high to the $3,505 low.
Additionally, there was a break above a connecting bearish trendline with resistance at $3,600 on the hourly chart of ETH/USD. Ethereum price is now trading above $3,600 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles around the USD 3,680 level. The first major resistance is near the $3,700 level or the 76.4% Fib retracement level of the downward move from the $3,760 swing high to the $3,505 low. The main resistance is now forming around $3,750.
A clear move above the USD 3,750 resistance could send the price towards the USD 3,880 resistance. An upside break above the USD 3,880 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 4,000 resistance zone or even USD 4,120.
Another drop in ETH?
If Ethereum fails to clear the USD 3,700 resistance, it could trigger another decline. The initial downside support is near the $3,600 level. The first major support is near the $3,550 zone.
A clear move below the USD 3,550 support could push the price towards the USD 3,500 support. Any further losses could send the price towards the USD 3,420 support level in the near term. The next major support is at $3,350.
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 – $3,600
Major resistance level – $3,700
