ETHEREUM PRICE MAY HAVE ANOTHER CHANCE FOR A BULLISH STREAK: HERE’S HOW.
Ethereum price started another increase above the $3,500 resistance zone. ETH bulls were able to push the price in a positive zone above the $3,580 level, like Bitcoin.
ETH climbed above the $3,650 resistance zone. A high was formed at $3,680 before the price started a downside correction. There was a minor decline below the $3,600 level. The price declined below the 23.6% Fib retracement level of the upward move from the $3,302 swing low to the $3,680 high.
Ethereum is now trading above $3,580 and the 100-hourly Simple Moving Average. There is also a major bullish trend line forming with support at $3,590 on the hourly chart of ETH/USD.
On the upside, immediate resistance is near the $3,640 level. The first major resistance is near the $3,680 level. The next key resistance sits at $3,720, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,800 level.
If there is a move above the $3,800 resistance, Ethereum could even climb toward the $3,880 resistance. Any more gains might call for a test of $4,000.
ARE DIPS SUPPORTED IN ETH?
If Ethereum fails to clear the $3,640 resistance, it could start another decline. Initial support on the downside is near the $3,590 level and the trend line.
The first major support is near the $3,550 zone. The next key support could be the $3,500 zone or the 50% Fib retracement level of the upward move from the $3,302 swing low to the $3,680 high.
A clear move below the $3,500 support might send the price toward $3,390. Any more losses might send the price toward the $3,250 level.
TECHNICAL INDICATORS
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,590
Major Resistance Level – $3,680#ethpump #Write2Earn
