Ethereum Price Surges Above $3,400, Eyes $3,550 Resistance
Ethereum price is rising above the $3,350 resistance and may gain momentum if it surpasses the $3,550 resistance.
- Ethereum is increasing above the $3,400 level.
- The price trades above $3,450 and the 100-hourly Simple Moving Average.
- A bullish trend line forms with support at $3,455 on the hourly chart of ETH/USD (data from Kraken).
- The pair could see further gains if it clears the $3,525 and $3,550 resistance levels.
Ethereum Price Outlook
Ethereum began a rise above the $3,320 level, similar to Bitcoin. It surpassed the $3,400 and $3,420 resistance levels.
The price cleared $3,500 but faced resistance below $3,550. A high was established at $3,535, followed by consolidation. The price declined below the 23.6% Fib retracement level from the $3,225 swing low to the $3,534 high.
Currently, Ethereum trades above $3,450 and the 100-hourly Simple Moving Average. The bullish trend line provides support at $3,455.
The price encounters resistance near $3,500, with significant resistance at $3,525. Main resistance forms around $3,550; a move above this level may push the price toward $3,620. Further gains could lead Ether to the $3,680 or $3,750 resistance zones.
Potential Decline in ETH
If Ethereum does not clear the $3,550 resistance, it may decline. Initial support is near $3,455 and the trend line. Major support exists around $3,375 or the 50% Fib retracement of the upward move from $3,225 to $3,534.
A drop below $3,375 may lead to a decrease toward the $3,250 support level. Further losses could bring the price down to $3,220, with the next key support at $3,110.
Technical Indicators
Hourly MACD: The MACD for ETH/USD shows decreasing momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is below the 50 level.
Major Support Level: $3,425
Major Resistance Level: $3,550