Ethereum Price Surpasses $3,650 with Resistance at $3,700
Ethereum price initiated a recovery wave above the $3,550 mark, consolidating and targeting an increase past the $3,700 resistance.
- Ethereum began a recovery wave above $3,550.
- The price is above $3,620 and the 100-hourly Simple Moving Average.
- A bullish trend line with support at $3,620 is forming on the hourly chart of ETH/USD (data from Kraken).
- Further bullish momentum is possible if the price surpasses the $3,700 resistance level.
Ethereum Price Climbs Above $3,650
Ethereum maintained stability above $3,420 and extended its recovery similarly to Bitcoin. ETH gained momentum, moving beyond the $3,550 and $3,620 resistance levels.
The price exceeded the $3,650 resistance, paving the way toward $3,700. A peak was reached at $3,694, with current consolidation above the 23.6% Fib retracement level from the $3,569 swing low to the $3,694 high.
Currently, Ethereum trades above $3,650 and the 100-hourly Simple Moving Average. The bullish trend line near $3,620 aligns with the 76.4% Fib retracement level of the upward move from the $3,569 low to the $3,694 high.
On the upside, resistance appears near $3,700, with major resistance at $3,720. The primary resistance forms around $3,800. A decisive move above this level could propel prices toward $3,880.
A breakout above the $3,880 resistance may lead to further gains, potentially reaching the $3,920 zone or even $4,000 shortly.
Another Decline In ETH?
If Ethereum does not clear the $3,700 resistance, another decline may occur. Initial downside support is near $3,620 along with the trend line, while major support is around $3,550.
A drop below the $3,550 support could drive the price to the $3,500 level, with further losses possibly leading to the $3,420 support and then to $3,350.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is now above the 50 level.
Major Support Level: $3,620
Major Resistance Level: $3,700