Ethereum price remains positive above the USD 3,500 area. ETH is consolidating and it might soon break the USD 3,600 resistance.
Ethereum started a downside correction from the $3,685 area.
The price is currently above $3,520 and the 100 hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $3,600 on the hourly chart of ETH/USD (data feed via Kraken).
If the pair breaks out of the $3,600 area, it is likely to resume its upward move.
Ethereum price expected to surge again
Ethereum price maintained support above $3,250 and started to gain momentum again overtaking bitcoin. ETH was able to break the $3,500 and $3,550 resistance levels.
The bulls pushed the price above $3,650. The price formed a high at $3,688 and recently corrected some gains. The price declined slightly below the $3,650 and $3,620 levels. The price declined below the 23.6% Fibonacci retracement level of the upward wave from the $3,255 swing low to $3,688 high.
Ethereum price is currently trading above $3,520 and the 100 hourly simple moving average. On the upside, the price seems to be facing resistance near $3,600. There is also a connecting bearish trend line forming with resistance at $3,600 on the hourly chart of ETH/USD.
The first major resistance is near the $3,650 level. The major resistance is currently forming near the $3,680 level. If there is a clear break above the $3,680 resistance level, the price could drop towards the $3,750 resistance level. If there is a break above the $3,750 resistance level, there could be more upsides in the coming sessions. In such a case, Ether could rise to the $3,880 resistance level or even $3,920.
Will ETH’s losses get even bigger?
If Ethereum fails to clear the $3,650 resistance, it could fall again. An initial support on the downside is near the $3,540 level. The first major support is near the $3,500 area.
A break below the $3,500 support could push the price towards the 50% Fibonacci retracement level of the upward move from the $3,254 low to $3,688 high ($3,470). If the price declines further, it could drop to the $3,400 support in the near term. The next key support is at $3,350.
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 area.
Major Support Level – $3,540
Major Resistance – $3,650 #ETH🔥🔥🔥🔥 #COSSocialFiRevolution #BinanceSquareFamily $ETH