The value of Ethereum signals positive trends above the price level of $3,550. To continue the upward movement, it is crucial to overcome the resistance at the $3,680 level.
Ethereum Maintains an Upward Trend
The rise in Ethereum's price started above the resistance zone of $3,500. ETH bulls managed to push the price into positive territory above $3,580, similar to Bitcoin.
ETH crossed the $3,650 resistance, reaching a high of $3,680 before starting to decline. A slight drop below the $3,600 level followed, and the price fell below the 23.6% Fib retracement level of the move from $3,302 to a high of $3,680.
Ethereum is currently trading above $3,580 and the 100-hour moving average. In the hourly ETH/USD chart, a major bullish trend line is forming with support at $3,590.
The first major resistance is near $3,640, with the key resistance at $3,680. Another significant resistance level is at $3,720, and crossing it could lead to a bullish momentum. In such a case, Ether could aim for the $3,800 level, and upon crossing this threshold, possibly even $3,880. Any further rise could test the $4,000 mark.
Support for ETH Drops?
If Ethereum fails to overcome the resistance at the $3,640 level, it could lead to further decline. The first downward support is around $3,590 and the trend line.
The main support area is around $3,550. The $3,500 zone or the 50% Fib retracement level of the move from $3,302 to the high of $3,680 could also be important support. A significant drop below $3,500 could lead to further decline to $3,390. Further losses could push the price to the $3,250 level.
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