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Ethereum price is rising above the $3,600 zone. ETH is showing signs of strength and could look to move above the $3,800 resistance zone soon.
Ethereum started a decent rally from the $3,550 zone. The price is trading above $3,550 and the 100-hour simple moving average. On the hourly chart of ETH/USD (data feed via Kraken), a bullish trend line has formed connecting at $3,700 as support. If the price breaks out of the $3,750 zone, it could resume its rally.
Ethereum price aims for steady rise
Ethereum price remained supported above $3,350 and started a new rally similar to Bitcoin. ETH was able to break above the $3,450 and $3,550 resistance levels.
The bulls pushed the price above the $3,700 level. A high was formed at $3,748 and the price is currently consolidating its upside. There was a slight decline below the $3,720 level. Price fell and tested the 23.6% Fib retracement level of the upwave from the swing low of $3,572 to the high of $3,748.
Ethereum price is currently trading above $3,550 and its 100-hour simple moving average. On the hourly chart of ETH/USD, a bullish trend line has also formed connecting at $3,700 as support.
Source: ETHUSD on TradingView.com
On the upside, the price appears to be facing a hurdle near the $3,740 level. The first major resistance level is near the $3,750 level. The main resistance level is currently forming around $3,800. A clear break above the $3,800 resistance could send the price heading towards the $3,880 resistance. A break above the $3,880 resistance could require further upside in the coming sessions. In the above case, Ether could rise towards the $3,940 resistance zone and even $4,000.
ETH downward price correction?
If Ethereum fails to break through the resistance at $3,750, further declines could begin. Initial support on the downside is near the $3,700 level. The first major support is located near the $3,675 zone.
A clear move below the $3,675 support could push the price towards the 61.8% Fib retracement level of the upwave from the $3,572 swing low to the $3,748 high at $3,640. Any further losses could send the price towards the $3,570 support level in the near term. The next significant support is $3,550.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level – $3,700
Major Resistance Level – $3,750
