The price of Ethereum broke through the $3,500 mark, starting a new round of increases. ETH currently shows bullish signals, with the potential to continue rising to the $3,800 mark.
Ethereum has started to rise again, breaking through the $3,350 mark.
The price is currently close to $3,500 and the 100-hour simple moving average.
On the ETH/USD hourly chart, a key bullish trend line has formed, with support at $3,490 (data provided by Kraken).
If the currency pair can maintain support above $3,350 in the short term, a new round of increases may begin.
The price of Ethereum further breaks through $3,500
The price of Ethereum broke through the $3,220 area, starting a new round of increases, outperforming Bitcoin. The ETH price accelerated past the resistance level of $3,350, continuing to maintain a positive area.
Bulls even pushed the price above $3,500. Eventually, the price tested the $3,620 area. The peak formed at $3,627, and the current price is consolidating its gains, breaking through the 23.6% Fibonacci retracement level (from the low of $2,935 to the high of $3,627).
The price of Ethereum is currently trading above $3,500 and the 100-hour simple moving average. A key bullish trend line has also formed on the ETH/USD hourly chart, with support at $3,500.
On the upside, the price may face resistance near $3,630. The next key resistance level is around $3,650. The first major resistance level is around $3,720. If the price significantly breaks through the $3,720 resistance level, it may fall towards the $3,800 resistance level.
Breaking through the resistance level of $3,800 may indicate more upward movement in the coming trading days. In this case, Ether may rise towards the resistance level of $3,880 in the short term, or even $4,000.
Is there limited downside potential for ETH?
If Ethereum fails to break through the resistance level of $3,630, a downward correction may begin. The initial support level on the downside is around $3,550. The first major support level is near the $3,500 area and the trend line.
If the price significantly falls below the $3,500 support level, it may rise to the $3,420 support level. If the price declines further, it may fall towards the $3,350 support level in the short term. The next key support level 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 now above the 50 area.
Major support level – $3,500
Major resistance level – $3,650
