Ethereum price rises: Can it break higher?
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The Ethereum price stabilized above $3,420, continuing the recovery trend of Bitcoin. ETH is expected to break the $3,550 and $3,620 resistance levels.
The bulls successfully broke through $3,650, pushing the price close to $3,700. Currently, ETH price formed a high near $3,694 and consolidated above the 23.6% Fibonacci retracement level of the rise from $3,569 to $3,694.
Currently, ETH price is above $3,650 and the 100 hourly simple moving average. The hourly chart shows the formation of a bullish trend line with support at $3,620 and close to the 76.4% Fibonacci retracement level.
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On the upside, the price is under pressure near $3,700, with the main resistance levels at $3,720 and $3,800. A breakout above $3,800 could push the price towards $3,880. A breakout above $3,880 could bring more upside with targets at $3,920 or even $4,000.
A failure to break above $3,700 could lead to a pullback. An initial support on the downside is near $3,620 and a major support is at $3,550. A break below $3,550 could lead to further downside with targets at $3,500 and $3,420.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is accelerating in the bullish zone.
Hourly RSI – The RSI for ETH/USD is above the 50 zone.
Major Support – $3,620
Major Resistance – $3,700
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