Ethereum price is moving higher from the $3,550 zone. ETH is showing bullish signs and could soon target a move above the USD 3,680 resistance zone.
- Ethereum initiated a downward correction and retested the $3,550 zone.
- The price is trading above USD 3,600 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $3,650 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could restart its rise if it crosses the $3,650 zone.
Ethereum price sees fresh upward movement
Ethereum price failed to break the USD 3,800 resistance zone and corrected some gains, such as that of Bitcoin. ETH fell below the USD 3,650 and USD 3,600 support levels. It even retested the USD 3,550 support level.
A low was formed at $3,557 and the price is now trying to make a new increase. There was a move above the USD 3,600 and USD 3,620 levels. The price tested the 50% Fib retracement level of the downward move from the $3,762 swing high to the $3,557 low.
Ethereum price is now trading above $3,600 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 3,650 level. A connecting bearish trendline is also forming with resistance at $3,650 on the hourly chart of ETH/USD.
The first major resistance is near the $3,685 level or the 61.8% Fib retracement level of the downward move from the $3,762 swing high to the $3,557 low. The main resistance is now forming around $3,750.
A clear move above the USD 3,750 resistance could send the price towards the USD 3,800 resistance. An upside break above the USD 3,800 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.
Another drop 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 $3,580 zone.
A clear move below the USD 3,580 support could push the price towards the USD 3,550 support. Any further losses could send the price towards the USD 3,440 support level in the near term. The next major support is at $3,350.
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 zone.
Major support level – $3,550
Major resistance level – $3,685
