#EthereumPrice Stays Strong: Will $ETH Continue To Rise?
Ethereum Price Analysis: Struggle Near $3,500 Resistance
Ethereum is consolidating above $3,380 after failing to surpass the $3,500 resistance zone, remaining above the 100-hourly Simple Moving Average (SMA) and showing potential for another increase.
Key Points:
- Resistance: Ethereum faces resistance around $3,500, with immediate resistance near $3,450 and significant levels at $3,640 and $3,750.
- Support: Key support levels include $3,380, $3,350, $3,270, $3,220, and $3,150.
- Trend Line: A bullish trend line with support at $3,375 is forming on the hourly chart (ETH/USD via Kraken).
- Technical Indicators: Hourly MACD is losing momentum in the bullish zone, and the RSI is below 50.
Price Movement:
Ethereum's attempt to break $3,500 led to a correction, dipping below $3,450 and $3,420, and testing $3,375. It’s now consolidating above the 23.6% Fib retracement level from the $3,516 swing high to the $3,376 low. Ethereum trades above $3,375 and the 100-hourly SMA.
A close above $3,500 could propel ETH towards $3,550 and $3,640, with potential for $3,750. Failure to break $3,450 could lead to declines towards the $3,350 and $3,270 supports.
Conclusion:
Ethereum's price is holding key supports and shows potential for another rise if it surpasses the $3,450 and $3,500 resistances.
Source - newsbtc.com
