Ethereum Price May Have Another Chance For A Bullish Streak: Here’s How

Ethereum price is showing positive signs above the $3,550 zone. ETH must clear the $3,680 resistance to continue higher in the near term.

  • Ethereum started another increase above the $3,550 resistance zone.
  • The price is trading above $3,550 and the 100-hourly Simple Moving Average.
  • There is a major bullish trend line forming with support at $3,590 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it settles above the $3,680 resistance zone.

Ethereum Price Remains In Uptrend

Ethereum price started another increase above the $3,500 resistance zone. ETH bulls were able to push the price in a positive zone above the $3,580 level, like Bitcoin.

ETH climbed above the $3,650 resistance zone. A high was formed at $3,680 before the price started a downside correction. There was a minor decline below the $3,600 level. The price declined below the 23.6% Fib retracement level of the upward move from the $3,302 swing low to the $3,680 high.

Ethereum is now trading above $3,580 and the 100-hourly Simple Moving Average. There is also a major bullish trend line forming with support at $3,590 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

On the upside, immediate resistance is near the $3,640 level. The first major resistance is near the $3,680 level. The next key resistance sits at $3,720, 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 Supported In ETH?

If Ethereum fails to clear the $3,640 resistance, it could start another decline. Initial support on the downside is near the $3,590 level and the trend line.

The first major support is near the $3,550 zone. The next key support could be the $3,500 zone or the 50% Fib retracement level of the upward move from the $3,302 swing low to the $3,680 high. A clear move below the $3,500 support might send the price toward $3,390. Any more losses might send the price toward the $3,250 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $3,590

Major Resistance Level – $3,680

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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