Ethereum Price Recovers Above $3,600, Eyes $3,700 Resistance

Ethereum price is recovering from the $3,500 zone, showing bullish signs and potentially aiming for a move above the $3,700 resistance.

Ethereum remains in a positive zone above $3,500.
The price trades above $3,620 and the 100-hourly Simple Moving Average.
A break occurred above a bearish trend line with resistance at $3,600 on the hourly chart of ETH/USD (data feed via Kraken).
The pair may resume increasing if it surpasses the $3,700 zone.

Ethereum Price Makes Fresh Increase

Ethereum price encountered resistance near $3,680 and corrected gains similar to Bitcoin. It declined below the $3,600 and $3,550 support levels, retesting the $3,500 support level.

A low formed at $3,505, and the price is now attempting an increase. It moved above the $3,600 and $3,620 levels, clearing the 50% Fib retracement level of the downward move from the $3,760 swing high to the $3,505 low.

Additionally, there was a break above a bearish trend line with resistance at $3,600 on the hourly chart of ETH/USD. Ethereum is trading above $3,600 and the 100-hourly Simple Moving Average.

The price faces hurdles near the $3,680 level, with major resistance around $3,700 or the 76.4% Fib retracement level of the downward move from $3,760 to $3,505. The main resistance is near $3,750.

A clear move above $3,750 could lead to a rise towards the $3,880 resistance. An upside break above $3,880 might result in further gains, potentially reaching the $4,000 resistance zone or even $4,120.

Another Drop In ETH?

If Ethereum does not clear the $3,700 resistance, it may start another decline. Initial support is near the $3,600 level, with major support at $3,550.

A move below the $3,550 support could push the price toward $3,500. Further losses might send the price down to the $3,420 support level, with the next key support at $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 above the 50 zone.

Major Support Level: $3,600

Major Resistance Level: $3,700