Editor | Crypto Uncle K
Ethereum price is rising from the $3,550 region. ETH shows bullish signs and may soon aim for resistance above $3,680.
Ethereum begins a downward correction and retests the $3,550 region.
The price is currently above $3,600 and the 100-hour simple moving average.
On the hourly chart of ETH/USD, a connecting bearish trend line is forming, with resistance at $3,650 (data provided by Kraken).
If the currency pair breaks above the $3,650 region, it may begin to rise again.
Ethereum price is expected to rise again
Ethereum price failed to break the resistance area at $3,800 and corrected some gains like Bitcoin. ETH fell below the support levels of $3,650 and $3,600. It even retested the support level at $3,550.
The price has formed a low at $3,557 and is currently trying to rise again. The price has broken through the levels of $3,600 and $3,620. The price tested the 50% Fibonacci retracement level of the downward move from $3,762 high to $3,557 low.
Ethereum price is currently trading above $3,600 and the 100-hour simple moving average. On the upside, the price seems to face resistance around $3,650. A connecting bearish trend line has also formed on the hourly chart of ETH/USD, with resistance at $3,650.
The first major resistance level is around $3,685, which is the 61.8% Fibonacci retracement level of the downward move from $3,762 high to $3,557 low. The current major resistance level is around $3,750.
A significant breakout above the $3,750 resistance level could push the price down to the $3,800 resistance level. A breakout above the $3,800 resistance level may bring more gains in the coming trading days. In this case, Ether could rise toward the resistance level of $3,880 or even $3,920.
Is ETH sliding again?
If Ethereum fails to break the resistance at $3,650, it may drop again. The initial support on the downside is around $3,600. The first major support is near the $3,580 region.
A drop below the $3,580 support level could push the price toward the $3,550 support level. If the price declines further, it may fall toward the $3,440 support level in the short term. The next key support level is at $3,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish area.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Major support level - $3,550
Major resistance level – $3,685