Ethereum Technical Analysis: Will ETH Be Able to $3,700?
Ethereum price has launched a downward correction from the $3,500 resistance zone. ETH fell below $3,440 and could find it difficult to stay above $3,380.
Ethereum Technical Analysis
Ethereum is rising above the $3,500 region.
The price is trading above the $3,520 and the 100-hour Simple Moving Average.
ETH/USD has a unifying uptrend line with support of $3,450 on its hourly chart.
If there is a net movement above the $3,565 resistance zone, the pair may continue to rise.
Ethereum Price Reclaims $3,500
Ethereum technical analysis; price remained in a bullish zone above the $3,350 resistance zone. ETH has increased its increase above the $3,500 resistance. There was an increase above the $3,550 level and the price rose as low as $3,563.
Currently, the upward movement, which rose from a $3,412 low to a $3,563, is consolidating gains near the 23.6% Fib pullback level. Ethereum is currently trading above the $3,500 and 100-hour Simple Moving Average.
A close above the $3,650 level could send Ether to its $3,700 resistance. The next key resistance is close to $3,720. An upside break above the $3,720 resistance could push the price higher towards the $3,800 resistance zone in the coming days.
Is Another Drop In ETH Possible?
Ethereum technical analysis could initiate a downward fix if it fails to clear the $3,550 resistance. The first major downward support is located near the $3,470 region and the 100-hour Simple Moving Average.
A net move below the $3,470 support could push the price towards $3,440. Further losses could send the price towards the $3,350 support level in the near term. The next major support is $3,320.
Technical Indicators
Hourly MACD – MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – RSI for ETH/USD is now above the 50th region.
Major Support Level – $3,440
Big Resistance Level – $3,550
