Ethereum Price Holds Above $3,500, Eyes Move Past $3,600 Resistance
Ethereum price is maintaining gains above the $3,500 level and is consolidating, potentially targeting a move above the $3,600 resistance.
- Ethereum began a correction from the $3,685 zone.
- The price is trading above $3,520 and the 100-hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $3,600 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may resume its increase if it surpasses the $3,600 level.
Ethereum Price Eyes Fresh Surge
Ethereum price remains supported above $3,250 and has begun a fresh increase, outperforming Bitcoin. ETH surpassed the $3,500 and $3,550 resistance levels.
The price rose above $3,650, reaching a high of $3,688 before experiencing a minor correction. It dipped below the $3,650 and $3,620 levels, falling beneath the 23.6% Fib retracement level from the $3,255 swing low to the $3,688 high.
Currently, Ethereum is trading above $3,520 and the 100-hourly Simple Moving Average. Resistance exists near the $3,600 level, along with a bearish trend line on the hourly chart for ETH/USD.
The first major resistance is near the $3,650 level, with significant resistance forming around $3,680. A clear breakout above $3,680 could push the price towards $3,750, and further gains may lead to a rise toward the $3,880 or $3,920 resistance zones.
More Losses In ETH?
If Ethereum does not overcome the $3,650 resistance, it may begin to decline. Initial support is near the $3,540 level, with major support around the $3,500 zone.
A drop below $3,500 could lead to a decline toward the 50% Fib retracement level between the $3,254 swing low and the $3,688 high, estimated at $3,470. Additional losses may bring the price down to the $3,400 support level, with the next key support at $3,350.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is above the 50 zone.
Major Support Level: $3,540
Major Resistance Level: $3,650