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Ethereum price found support near the $3,400 zone. ETH is now rising and might soon aim for a move toward the $3,800 zone.
- Ethereum started a fresh increase above the $3,440 and $3,550 levels.
- 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 $3,620 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it remains supported above the $3,600 zone in the near term.
Ethereum Price Eyes More Gains
Ethereum price started a downside correction from the $3,880 level, like Bitcoin. ETH price declined below the $3,750 and $3,500 support levels.
Finally, the price spiked below $3,400 and the 100-hourly Simple Moving Average. It tested the $3,365 support zone. A low was formed at $3,369 and the price is now rising. There was a move above the $3,450 and $3,500 resistance levels.
The price surpassed the 50% Fib retracement level of the downward move from the $3,877 swing high to the $3,369 low. Ethereum price is now trading above $3,550 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,620 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $3,720 level. The next key resistance is near the $3,750 level. It is close to the 76.4% Fib retracement level of the downward move from the $3,877 swing high to the $3,369 low.
The first major resistance is near the $3,800 level. A clear move above the $3,800 resistance might send the price toward the $3,880 resistance. An upside break above the $3,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,000 resistance zone or even $4,120 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $3,750 resistance, it could start a downside correction. Initial support on the downside is near the $3,620 level. The first major support sits near the $3,600 zone.
A clear move below the $3,600 support might push the price toward the $3,550 support. Any more losses might send the price toward the $3,500 support level in the near term. The next key support sits at $3,450.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,600
Major Resistance Level – $3,750
Unlock the Secrets of Ethical Hacking!
Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
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