Ethereum began a further rise from the $ 3,400 support area against the US dollar. The price of ETH may accelerate higher once there is a clear break above $ 3,650.
- Ethereum started a further rise above the resistance levels of $ 3,500 and $ 3,550.
- The price is now trading above $ 3,550 and the 100 hour simple moving average.
- There was a break above a key downtrend line with resistance near $ 3,500 on the hourly ETH / USD chart (data feed via Kraken).
- The pair could start a new rally if there is a clear break above $ 3,650 and $ 3,660.
Ethereum price increases pace
Ethereum remained well supported above the $ 3,400 area. ETH started a further rise above the $ 3,500 resistance zone and 100 hour simple moving average, similar to bitcoin.
There was also a break above a key downtrend line with resistance near $ 3,500 on the hourly ETH / USD chart. The pair is now trading above the resistance area of $ 3,550. The price of ether even broke the resistance zone of $ 3,600.
A high is forming near $ 3,656 and price is now consolidating its gains. It is well above the 23.6% Fib retracement level of the recent upward movement from the low of $ 3,413 to $ 3,656. The price is now showing positive signs above the $ 3,630. Immediate upside resistance is near the $ 3,650 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $ 3,660 level, above which the price may start a new surge. In this case, the price could climb to the $ 3,750 level. Further gains could set the tone for a move towards the $ 4,000 level in the near term.
Dips limited in ETH?
If Ethereum fails to continue above the resistance levels of $ 3,650 and $ 3,660, it could initiate a further downward correction. Initial bearish support is near the $ 3,600 level.
The first key support is now forming near the $ 3,550 level. It is near the 50% Fib retracement level of the recent upward movement from the low of $ 3,413 to $ 3,656. If there is a break down below the support levels of $ 3,550 and $ 3,535, the price could move lower. The next key support is near $ 3,450.
Hourly MACD – The MACD for ETH / USD is accelerating in the bullish zone.
Hourly RSI – The RSI for ETH / USD is now above the 60 level.
Major Support Level – $ 3,550
Major Resistance Level – $ 3,660