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Ethereum price is moving higher above the $3,600 zone. ETH is showing bullish signs and could soon target a move above the USD 3,800 resistance zone.
- Ethereum started a decent rise from the $3,550 zone.
- The price is trading above USD 3,550 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $3,700 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could restart its rise if it crosses the $3,750 zone.
Ethereum price eyes steady rise
Ethereum price remained supported above $3,350 and started a new increase just like Bitcoin. ETH was able to surpass the USD 3,450 and USD 3,550 resistance levels.
The bulls pumped the price above the USD 3,700 level. It reached a high at $3,748 and the price is now consolidating gains. There was a small decline below the USD 3,720 level. The price fell and tested the 23.6% Fib retracement level of the upward wave from the $3,572 swing low to the $3,748 high.
Ethereum price is now trading above $3,550 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $3,700 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 3,740 level. The first major resistance is around the $3,750 level. The main resistance is now forming around $3,800. A clear move above the USD 3,800 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 3,940 or even USD 4,000 resistance zone.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 3,750 resistance, it could trigger another decline. The initial downside support is near the $3,700 level. The first major support is near the $3,675 zone.
A clear move below the $3,675 support could push the price towards the 61.8% Fib retracement level of the upwave, from the $3,572 swing low to the $3,748 high at $3,640. Any further losses could send the price towards the USD 3,570 support level in the near term. The next major support is at USD 3,550.
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 – $3,700
Major resistance level – $3,750