Ethereum started a new rise from the $ 3,400 support zone against the US Dollar. ETH price could accelerate further once there is a clear break above $ 3,650.
- Ethereum started a new rally 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 downtrend line with resistance near $ 3,500 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair could start a new 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 rise above the $ 3,500 resistance zone and the 100 hourly simple moving average, similar to bitcoin.
There was also a break above a key downtrend line with resistance near $ 3,500 on the ETH / USD hourly chart. The pair is now trading above the $ 3,550 resistance zone. Ether price even broke above the $ 3,600 resistance zone.
It forms a high near $ 3,656 and the price is now consolidate earnings. It is well above the 23.6% Fib retracement level of the recent upward move from the $ 3,413 low to $ 3,656 high. The price is now showing positive signs above $ 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 could start a new rally. In the indicated case, the price could rise to the level of $ 3,750. More gains could set the pace for a move towards the $ 4,000 level in the near term.
Dips Limited on ETH?
If ethereum does not continue above the $ 3,650 and $ 3,660 resistance levels, a new downside correction could begin. 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 close to the 50% Fib retracement level of the recent upward move from the $ 3,413 low to $ 3,656 high. If there is a break to the downside below the $ 3,550 and $ 3,535 support levels, the price could decline further. The next key support is near $ 3,450.
MACD per hour – The MACD for ETH / USD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH / USD is now above the 60 level.
Major Support Level – $ 3,550
Major Resistance Level – $ 3,660