Ethereum price starts to rise significantly above the $3,350 resistance level. ETH is now recovering some losses and may accelerate if it breaks through the $3,550 resistance level.
Ethereum begins a new rise above the $3,400 area.
Price is trading above $3,450 and the 100-hour simple moving average.
On the ETH/USD hourly chart, a connected bullish trend line has formed, with support at $3,455 (data feed from Kraken).
If it breaks through the resistance levels of $3,525 and $3,550, the currency pair may start to rise significantly.
Ethereum price targets higher
Ethereum price rises significantly above the $3,320 level. ETH is able to climb above the $3,400 and $3,420 resistance levels.
The price has even broken above the $3,500 resistance level. However, bears remain active below the $3,550 level. A high was formed at $3,535, and the price is now consolidating its gains. It is trading below the 3,534% Fibonacci retracement level, moving up from the swing low of $3,225.
Ethereum price is currently trading above $3,450 and the 100-hour simple moving average. On the ETH/USD hourly chart, there is also a connected bullish trend line forming, with support at $3,455.
The price seems to face obstacles around the $3,500 mark. The first major resistance level is around $3,525.
Source: ETHUSD on TradingView.com
The main resistance level is now forming around $3,550. A clear breakout above the $3,550 resistance level could drive the price towards the $3,620 resistance level. An upward breakthrough of the $3,620 resistance level may require more gains in the coming trading days. In such a scenario, Ether could rise to the $3,680 resistance area or even $3,750.
Is ETH dropping again?
If Ethereum fails to clear the $3,550 resistance level, it may continue to decline. The initial support level is near $3,455 and the trend line. The first major support level is around the $3,375 area or near the 3,534% Fibonacci retracement level moving up from the swing low of $3,225.
A significant drop below the $3,375 support level could push the price down to the $3,250 support level. Any further losses could bring the price down to 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 area.
Main support level - $3,425
Main resistance level - $3,550