Read full article at newsbtc.

Ethereum started a fresh increase from the $3,400 support zone against the US Dollar. ETH price could accelerate higher once there is a clear break above $3,650.

  • Ethereum started a fresh increase above the $3,500 and $3,550 resistance levels.
  • The price is now trading above $3,550 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $3,500 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh rally if there is a clear break above $3,650 and $3,660.

Ethereum Price Gains Pace

Ethereum remained well supported above the $3,400 zone. ETH started a fresh increase above the $3,500 resistance zone and the 100 hourly simple moving average, similar to bitcoin.

There was also a break above a key bearish trend line with resistance near $3,500 on the hourly chart of ETH/USD. The pair is now trading above the $3,550 resistance zone. Ether price even surpassed the $3,600 resistance zone.

A high is formed near $3,656 and the price is now consolidating gains. It is well above the 23.6% Fib retracement level of the recent upward move from the $3,413 swing low to $3,656 high. The price is now showing positive signs above the $3,630. An immediate resistance on the upside is near the $3,650 level.

Source: ETHUSD on TradingView.com

The next major resistance is near the $3,660 level, above which the price might start a fresh surge. In the stated case, the price could climb towards the $3,750 level. Any more gains could set the pace for a move towards the $4,000 level in the near term.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,650 and $3,660 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,600 level.

The first key support is now forming near the $3,550 level. It is near the 50% Fib retracement level of the recent upward move from the $3,413 swing low to $3,656 high. If there is a downside break below the $3,550 and $3,535 support levels, the price could decline further. The next key support is near $3,450.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 60 level.

Major Support Level – $3,550

Major Resistance Level – $3,660

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Categories:

Tags:

Comments are closed

Translate

Our Other Projects

EdgyBranding.com - Premium Domain Names.

Notezi.com - Social Network

ParisArtwork.org - Mid-century Paris NFTs, tokenized on the WAX blockchain.

NewYorkArtwork.org - Mid-century New York NFTs, tokenized on the Ethereum blockchain and offered on Rarible.

ClassicAutomobile.org - Classic Automobile News.