Ethereum price climbed higher above $3,500 but struggled near $3,580. ETH must clear the $3,650 resistance to move further into a positive zone.
Ethereum is consolidating gains below the $3,650 resistance zone.
The price is trading above $3,500 and the 100-hourly Simple Moving Average.
There is a short-term rising channel forming with resistance near $3,585 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it clears the $3,600 and $3,650 resistance levels.
Ethereum Price Consolidates
Ethereum price started a decent increase from the $3,350 support zone. ETH formed a base and climbed above the $3,450 and $3,500 resistance levels. It even outperformed Bitcoin and broke the $3,550 resistance.
The bears are now active below the $3,600 level. A high was formed at $3,586 and the price is now consolidating gains. There was a minor decline below the $3,550 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $3,350 swing low to the $3,586 high.
Ethereum is still trading above $3,500 and the 100-hourly Simple Moving Average. There is also a short-term rising channel forming with resistance near $3,585 on the hourly chart of ETH/USD.
On the upside, the price might face resistance near the $3,580 level or the channel zone. The first major resistance is near the $3,620 level. The main resistance sits at $3,650. An upside break above the $3,650 resistance might send the price higher.
The next key resistance sits at $3,720, above which the price might gain traction and rise toward the $3,750 level. A clear move above the $3,750 level might send Ether toward the $3,880 resistance. Any more gains could send Ether toward the $4,000 resistance zone in the coming days.
Another Drop In ETH?
If Ethereum fails to clear the $3,600 resistance, it could start another decline. Initial support on the downside is near $3,520 and the channel trend line. The first major support is $3,500.
A clear move below the $3,500 support might push the price toward $3,465 or the 50% Fib retracement level of the upward move from the $3,350 swing low to the $3,586 high. Any more losses might send the price toward the $3,400 level in the near term.
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 zone.
Major Support Level – $3,500
Major Resistance Level – $3,600
Source: NewsBTC.com
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