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Ethereum price holds gains above the $3,500 zone. ETH is consolidating and could soon aim for a move above the USD 3,600 resistance zone.
- Ethereum started a downward correction from the $3,685 zone.
- The price is trading above USD 3,520 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming 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 $3,600 zone.
Ethereum price looks set for a fresh rise
Ethereum price remained supported above $3,250 and started a new rise, beating Bitcoin. ETH was able to surpass the USD 3,500 and USD 3,550 resistance levels.
The bulls pumped the price above the USD 3,650 level. It reached a high at $3,688 and the price recently corrected some gains. There was a small decline below the USD 3,650 and USD 3,620 levels. The price fell below the 23.6% Fib retracement level of the upward wave from the $3,255 swing low to the $3,688 high.
Ethereum price is now trading above $3,520 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 3,600 level. A connecting bearish trendline is also forming with resistance at $3,600 on the hourly chart of ETH/USD.
The first major resistance is around the $3,650 level. The main resistance is now forming around $3,680. A clear move above the USD 3,680 resistance could send the price towards the USD 3,750 resistance. An upside break above the USD 3,750 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,880 resistance zone or even USD 3,920.
Lose more in ETH?
If Ethereum fails to clear the USD 3,650 resistance, it could trigger another decline. The initial downside support is near the $3,540 level. The first major support is near the $3,500 zone.
A clear move below the $3,500 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 3,400 support level in the near term. The next major support is at $3,350.
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 zone.
Major support level – $3,540
Major resistance level – $3,650
