Ethereum price started to rise significantly above the $3,350 resistance level. ETH is currently recovering some ground, and if it breaks through the $3,550 resistance level, it may accelerate upward.
Ethereum has started a new round of gains above $3,400.
The price is currently above $3,450 and the 100-hour simple moving average.
A connecting bullish trend line has formed on the ETH/USD hourly chart, with support at $3,455 (data provided by Kraken).
If it breaks through the resistance levels of $3,525 and $3,550, this currency pair may start to rise significantly.
Ethereum price is expected to rise.
The Ethereum price has started to rise significantly above $3,320, similar to Bitcoin. ETH is able to climb above the resistance levels of $3,400 and $3,420.
The price has even broken through the $3,500 resistance level. However, bears remain active below $3,550. The high was formed at $3,535, and the price is currently consolidating its gains. It has dropped and is trading below the 23.6% Fibonacci retracement level of the upward move from the swing low of $3,225 to the high of $3,534.
The Ethereum price is currently trading above $3,450 and the 100-hour simple moving average. A connecting bullish trend line has also formed on the ETH/USD hourly chart, with support at $3,455.
From an upward perspective, the price seems to be facing resistance near $3,500. The first major resistance level is around $3,525.
The current major resistance level is forming around $3,550. If there is a clear break above the $3,550 resistance level, the price could fall towards the $3,620 resistance level. If it breaks the $3,620 resistance level, more upward movement may occur in the coming trading days. In this case, Ether could rise towards the $3,680 resistance level or even $3,750.
Is ETH declining again?
If Ethereum fails to break the $3,550 resistance level, it may continue to decline. The initial support level on the downside is around $3,455 and near the trend line. The first major support level is around the $3,375 area, which is the 50% Fibonacci retracement level of the upward move from the swing low of $3,225 to the high of $3,534.
A drop below the $3,375 support level could push the price towards the $3,250 support level. If the price declines further, it may drop towards the $3,220 support level in the short term. The next key support level is at $3,110.
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 below the 50 region.
Major support level - $3,425.
Major resistance level - $3,550.