Ethereum was able to extend its rally above the $3,500 resistance zone against the US Dollar. ETH worth is gaining tempo and it would proceed to rise in direction of the $3,800 stage.
- Ethereum started a steady increase above the $3,500 and $3,550 resistance levels.
- The worth is now buying and selling above $3,500 and the 100 hourly easy transferring common.
- There is a major bullish trend line forming with support near $3,490 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is correcting positive aspects, however dips might be restricted under $3,450 within the close to time period.
Ethereum Price is Rising
Ethereum started a fresh increase after it was able to clear the $3,450 resistance zone. ETH broke the $3,500 resistance zone and the 100 hourly easy transferring common to maneuver additional right into a optimistic zone.
The upward move was such that the price even climbed above the $3,600 level. A excessive is shaped close to $3,620 and the worth is now correcting positive aspects, just like bitcoin. It traded below the $3,600 level. There was a break under the 23.6% Fib retracement stage of the current wave from the $3,361 swing low to $3,620 excessive.
There is also a major bullish trend line forming with support near $3,490 on the hourly chart of ETH/USD. An instantaneous resistance on the upside is close to the $3,580 stage.
The first major resistance is near the $3,600. A clear break and close above the $3,600 level could push the price further higher. The following main resistance sits close to $3,720. Any extra positive aspects might set the tempo for a transfer in direction of the $3,800 stage.
Dips Limited in ETH?
If ethereum fails to continue higher above the $3,580 and $3,600 resistance levels, it could start a downside correction. An preliminary help on the draw back is close to the $3,520 stage.
The next major support seems to be forming near the $3,500 level and the trend line. The development line is near the 50% Fib retracement stage of the current wave from the $3,361 swing low to $3,620 excessive. Any more downsides might call for a test of the $3,450 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly shedding tempo within the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Main Assist Degree – $3,500
Major Resistance Level – $3,600
