Ethereum price is consolidating gains above USD 3,400. ETH is showing positive signs and could soon aim for a move above the USD 3,500 resistance zone.
- Ethereum holds gains and consolidates below the USD 3,500 resistance zone.
- The price is trading above USD 3,400 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair appears to be gearing up for a move towards the $3,650 and $3,800 levels.
Ethereum price remains supported
Ethereum price formed a base above the $3,350 level and started to rise again, just like Bitcoin. ETH broke the $3,400 level to set the pace for more gains.
There was a clear move above the 50% Fib retracement level of the downside correction, from the $3,519 swing high to the $3,305 low. The bulls are now active above the USD 3,420 level. There is also a major bullish trendline forming with support at $3,420 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,450 and the 100-hourly Simple Moving Average. It is showing positive signs above the 76.4% Fib retracement level of the downward correction from the $3,519 swing high to the $3,305 low.
The immediate resistance on the upside is near the USD 3,500 level. The first major resistance is around the $3,520 level. The next major resistance is near USD 3,550, above which the price could gain bullish momentum. The next stop for the bulls could be near the USD 3,650 level.
Source: ETHUSD on TradingView.com
If there is a move above the USD 3,650 resistance, Ether could even move towards the USD 3,720 resistance. Any winnings could require a $3,800 test.
Are dips supported in ETH?
If Ethereum fails to clear the USD 3,520 resistance, it could initiate a downward correction. The initial downside support is near the $3,420 level and the trendline.
The first major support is near the $3,400 zone or the 100-hourly SMA. The next major support could be the $3,350 zone. A clear move below the USD 3,350 support could send the price towards USD 3,320. Any further losses could send the price towards the USD 3,150 level.
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 level.
Major support level – $3,400
Major resistance level – $3,520
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