Ethereum price is showing positive movement above the $3,550 zone. If ETH can break out of the $3,650 resistance zone in the near term, it could gain bullish momentum.
- Ethereum has started to move higher from the $3,500 support zone.
- The price is trading above $3,550 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a major bullish trend line is forming with support at $3,550.
- The pair could gain bullish momentum if it breaks above the $3,650 resistance zone.
Ethereum price may rise further
Ethereum price remained strong above the $3,500 zone. ETH has formed a base and recently started a new rally above the $3,600 resistance zone, similar to Bitcoin.
However, the bears are still active near the $3,650 and $3,680 resistance levels. Having formed a high near $3,654, the price is currently consolidating its upside. It fell several points and traded below the 23.6% Fib retracement level of the swing low of $3,491 to high of $3,654.
Ethereum is still trading above $3,550 and its 100-hourly simple moving average. On the hourly chart of ETH/USD, there is also an important bullish trend line forming with support at $3,550. The trendline is near the 61.8% Fib retracement level of the swing low of $3,491 to the high of $3,654.
sauce: ETHUSD on TradingView.com
On the upside, immediate resistance lies near the $3,630 level. The first major resistance level is near the $3,650 level. The next major resistance lies at $3,680, above which the price could gain bullish momentum. In the above case, Ether could rise towards his $3,800 level. A move above the $3,800 resistance could even push Ethereum higher toward the $3,880 resistance. Any profit greater than this may require a $4,000 test.
Are ETH dips limited?
If Ethereum fails to break through the resistance at $3,650, further declines could begin. Initial support on the downside is near the $3,600 level.
The first major support is located near the $3,575 zone. The next significant support could be the $3,550 zone and trendline. A clear break below the $3,550 support could push the price towards $3,440. Any further losses could send the price towards the $3,320 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $3,550
Major Resistance Level – $3,650
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https://www.newsbtc.com/analysis/eth/ethereum-price-stays-bullish-3550/
