Ethereum price is signaling positive moves above the $3,550 zone. ETH could gain bullish momentum if it breaks the USD 3,650 resistance zone in the near term.
- Ethereum started another rise from the USD 3,500 support zone.
- The price is trading above USD 3,550 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $3,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it breaks above the $3,650 resistance zone.
Ethereum price may rise higher
Ethereum price remained strong above the $3,500 zone. ETH formed a base and recently started a new rise above the $3,600 resistance zone, just like Bitcoin.
However, the bears are still active around the USD 3,650 and USD 3,680 resistance levels. It reached a high near USD 3,654 and the price is now consolidating gains. It moved a few points lower, trading below the 23.6% Fib retracement level of the upward move from the $3,491 swing low to the $3,654 high.
Ethereum is still trading above $3,550 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $3,550 on the hourly chart of ETH/USD. The trendline is close to the 61.8% Fib retracement level of the upward move from the $3,491 swing low to the $3,654 high.
Source: ETHUSD on TradingView.com
On the upside, immediate resistance is around the USD 3,630 level. The first major resistance is around the $3,650 level. The next major resistance is at USD 3,680, above which the price could gain bullish momentum. In the mentioned case, Ether could rise towards the USD 3,800 level. If there is a move above the USD 3,800 resistance, Ethereum could even climb towards the USD 3,880 resistance. Even more gains might require a $4,000 test.
Are dips limited in ETH?
If Ethereum fails to clear the USD 3,650 resistance, it could trigger another decline. The initial downside support is near the $3,600 level.
The first major support is near the $3,575 zone. The next major support could be the $3,550 zone and trendline. A clear move below the USD 3,550 support could send the price towards USD 3,440. Any further losses could send the price towards the USD 3,320 level.
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 level.
Major support level – $3,550
Major resistance level – $3,650
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