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Ethereum price remained steady above the $3,500 zone. ETH is now consolidating and could aim for a move above the USD 3,750 resistance zone.
- Ethereum started a downward correction below USD 3,780 and USD 3,750.
- The price is trading below $3,800 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $3,740 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it remains above the $3,500 support zone.
Ethereum price holds support
Ethereum price extended losses below the $3,880 zone, like Bitcoin. ETH fell below the USD 3,780 and USD 3,750 support levels. It even peaked below $3,550.
A low was formed at $3,488 and the price is now consolidating losses. It recovered a few points above the USD 3,550 and USD 3,600 levels. The price already tested the 50% Fib retracement level of the downward move from the $4,015 swing high to the $3,488 low.
However, the bears are active below $3,800 and are preventing more upside. The Ethereum price is now trading below $3,800 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 3,750 level. There is also a major bearish trendline forming with resistance at $3,740 on the hourly chart of ETH/USD.
The first major resistance is near the $3,815 level or the 61.8% Fib retracement level of the downward move from the $4,015 swing high to the $3,488 low.
The main resistance is now forming around $3,880. A clear move above the USD 3,880 resistance could send the price towards the USD 4,000 resistance. An upside break above the USD 4,000 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 4,150 or even USD 4,220 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 3,750 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 losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,500
Major resistance level – $3,750
