Ethereum Price Surges Above $3,400 with Key Resistance at $3,550
Ethereum price increased above the $3,400 zone and may aim for a move above the $3,500 resistance.
- Ethereum started an increase above the $3,320 and $3,400 levels.
- The price is trading above $3,400 and the 100-hourly Simple Moving Average.
- A key bullish trend line is forming with support at $3,400 on the hourly chart of ETH/USD (data feed via Kraken).
- Further bullish momentum could occur if it clears the $3,485 resistance zone.
Ethereum Price Holds Gains Above Support
Ethereum maintained support above $3,220 while Bitcoin corrected gains. ETH gained momentum above the $3,420 and $3,450 resistance levels.
The price surpassed the $3,500 resistance, reaching a high of $3,545 before correcting. It dipped below the 50% Fib retracement level from the $3,289 swing low to the $3,545 high.
Bulls remain active near $3,400, supported by a key bullish trend line close to the 61.8% Fib retracement level of the upward movement. Currently, Ethereum is trading above $3,420 and the 100-hourly Simple Moving Average, facing hurdles near the $3,485 level.
The first major resistance is near $3,500, with the main resistance forming near $3,550. A clear move above $3,550 could target $3,650, and further gains might lead to $3,720 or even $3,880.
Downsides Supported In ETH?
If Ethereum does not clear the $3,500 resistance, it may decline. Initial downside support is near $3,420, with major support at $3,400 and the trend line.
A move below $3,400 may lead to a price drop toward $3,350, with further losses potentially reaching $3,285. The next key support is at $3,220.
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: $3,400
Major Resistance Level: $3,550