Ethereum Price Remains Above $3,500 Amidst Market Consolidation

Ethereum price remains stable above the $3,500 zone and is consolidating, potentially aiming for a move above the $3,750 resistance zone.

Ethereum began a downside correction below $3,780 and $3,750.
The price trades below $3,800 and the 100-hourly Simple Moving Average.
A key bearish trend line is forming with resistance at $3,740 on the hourly chart of ETH/USD (data from Kraken).
The pair could initiate a fresh increase if it maintains position above the $3,500 support zone.

Ethereum Price Holds Support

Ethereum price extended losses below the $3,880 zone, similar to Bitcoin. ETH declined below the $3,780 and $3,750 support levels, even dipping below $3,550.

A low was recorded at $3,488, and the price is currently consolidating losses, recovering slightly above the $3,550 and $3,600 levels. The price tested the 50% Fib retracement level of the decline from the $4,015 swing high to the $3,488 low.

Bears remain active below $3,800, hindering further upsides. Ethereum is trading below $3,800 and the 100-hourly Simple Moving Average. Resistance appears near the $3,750 level, with a bearish trend line forming at $3,740 on the hourly chart.

The first major resistance is at the $3,815 level or the 61.8% Fib retracement level of the downward move from the $4,015 swing high to the $3,488 low.

The main resistance is now near $3,880. A clear move above this may lead the price toward the $4,000 resistance. An upside break above $4,000 could result in further gains, potentially reaching $4,150 or even $4,220.

Another Decline In ETH?

If Ethereum cannot surpass the $3,750 resistance, it might experience another decline. Initial support is near the $3,600 level, with major support at approximately $3,550.

A clear drop below $3,550 may push the price toward the $3,500 support. Further losses could lead to the $3,420 support level, with the next key support at $3,350.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI: The RSI for ETH/USD is currently below the 50 zone.

Major Support Level: $3,500

Major Resistance Level: $3,750