Ethereum Price Stays Bullish As Indicators Point To Fresh Upside
Ethereum Price Stays Bullish As Indicators Point To Fresh Upside
Ethereum price is signaling positive moves above the $3,550 zone.
ETH could gain bullish momentum if it clears the $3,650 resistance
zone in the near term. Ethereum started another increase from the
$3,500 support zone. The price is trading above $3,550 and the
100-hourly Simple Moving Average. There is a key bullish trend line
forming with support at $3,550 on the hourly chart of ETH/USD (data
feed via Kraken). The pair could gain bullish momentum if it
settles above the $3,650 resistance zone. Ethereum Price Could
Accelerate Higher Ethereum price remained strong above the $3,500
zone. ETH formed a base and recently started a fresh increase above
the $3,600 resistance zone, like Bitcoin. However, the bears are
still active near the $3,650 and $3,680 resistance levels. A high
was formed near $3,654 and the price is now consolidating gains. It
moved a few points lower and traded below the 23.6% Fib retracement
level of the upward move from the $3,491 swing low to the $3,654
high. Ethereum is still trading above $3,550 and the 100-hourly
Simple Moving Average. There is also a key bullish trend line
forming with support at $3,550 on the hourly chart of ETH/USD. The
trend line is close to the 61.8% Fib retracement level of the
upward move from the $3,491 swing low to the $3,654 high. Source:
ETHUSD on TradingView.com On the upside, immediate resistance is
near the $3,630 level. The first major resistance is near the
$3,650 level. The next key resistance sits at $3,680, above which
the price might gain bullish momentum. In the stated case, Ether
could rally toward the $3,800 level. If there is a move above the
$3,800 resistance, Ethereum could even climb toward the $3,880
resistance. Any more gains might call for a test of $4,000. Are
Dips Limited In ETH? If Ethereum fails to clear the $3,650
resistance, it could start another decline. Initial support on the
downside is near the $3,600 level. The first major support is near
the $3,575 zone. The next key support could be the $3,550 zone and
the trend line. A clear move below the $3,550 support might send
the price toward $3,440. Any more losses might send the price
toward the $3,320 level. Technical Indicators Hourly MACD – The
MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI
– The RSI for ETH/USD is now above the 50 level. Major Support
Level – $3,550 Major Resistance Level – $3,650