ETHEREUM PRICE COULD ACCELERATE HIGHER
Ethereum price remained strong above the $3,500 zone. ETH formed a base and recently started a fresh increase above the $3,600 resistance zone, like Bitcoin.
However, the bears are still active near the $3,650 and $3,680 resistance levels. A high was formed near $3,654 and the price is now consolidating gains. It moved a few points lower and traded below the 23.6% Fib retracement level of the upward move from the $3,491 swing low to the $3,654 high.
Ethereum is still trading above $3,550 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,550 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the upward move from the $3,491 swing low to the $3,654 high.
On the upside, immediate resistance is near the $3,630 level. The first major resistance is near the $3,650 level. The next key resistance sits at $3,680, above which the price might gain bullish momentum.
In the stated case, Ether could rally toward the $3,800 level. If there is a move above the $3,800 resistance, Ethereum could even climb toward the $3,880 resistance. Any more gains might call for a test of $4,000.
ARE DIPS LIMITED IN ETH?
If Ethereum fails to clear the $3,650 resistance, it could start another decline. Initial support on the downside is near the $3,600 level.
The first major support is near the $3,575 zone.
The next key support could be the $3,550 zone and the trend line. A clear move below the $3,550 support might send the price toward $3,440. Any more losses might send the price toward the $3,320
level.
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 above the 50 level.
Major Support Level – $3,550
Major Resistance Level – $3,650#Write2Earn #Ethereum✅