💥💥💥 #EthereumPrice Battles at $3,550: Bulls Ready for Another Try?
Ethereum Price Struggles with $3,500 Resistance
Ethereum's price is still facing challenges in breaking through the $3,500 resistance zone. Currently, $ETH is consolidating and might attempt another push past the $3,550 resistance level.
Key Technical Levels and Trends
- Resistance Zone: Ethereum is consolidating below the $3,550 resistance. The price is trading above $3,450 and the 100-hour Simple Moving Average (SMA). A key bullish trend line with support at $3,440 is forming on the hourly chart of ETH/USD (data feed via Kraken).
- Support and Resistance: Ethereum's price is holding gains above $3,450. Despite an attempt to surpass the $3,550 resistance, Ethereum faced a pullback, testing the $3,425 level. The price has since risen, moving above $3,450 and climbing past the 23.6% Fibonacci retracement level from the $3,563 swing high to the $3,427 low.
- Resistance Levels: The immediate resistance is near $3,500, with the first major resistance at $3,550. A close above $3,550 could lead to a push towards $3,565 and potentially $3,650. Further, breaking above $3,720 might drive the price towards the $3,800 resistance zone.
- Support Levels: If Ethereum fails to break through $3,500, it may experience a pullback. Initial support is around $3,460, with the first major support near $3,440 and the trend line. A move below $3,440 might push the price towards $3,420, and additional losses could see it drop to $3,350 or $3,320.
Technical Indicators
- Hourly MACD: The #MACD for ETH/USD is losing momentum but remains in the bullish zone.
- Hourly RSI: The RSI for ETH/USD is above the 50 level.
Major Support Level: $3,440
Major Resistance Level: $3,550
Source - newsbtc.com
