On the rise

$ETH

$3,475.93

+0.39%

Ethereum price gained pace above the $3,350 resistance zone. ETH has even tested $3,500 and is looking for more upside in the short term.

Ethereum is showing strength and has tested the $3,500 level.

The price is trading above $3,350 and the 100 hourly simple moving average.

There is a bullish trendline forming with support at $3,320 on the hourly ETH/USD chart (data feed via Kraken).

The pair may continue to rise above the $3,500 and $3,550 resistance levels.

Ethereum Price Up 10%, Bulls in Action

Ethereum price started a major surge above the $3,250 resistance zone. ETH even climbed above the $3,350 resistance to move further into the positive zone. Finally, there was a move above the $3,440 resistance, just like Bitcoin.

It tested the $3,500 resistance zone. A high was formed at $3,497 and the price is now consolidating gains. The bulls seem to be active well above the 23.6% Fib retracement level of the upward wave from the $3,085 swing low to $3,497 high.

Ethereum is now trading above $3,400 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $3,320 on the hourly chart of ETH/USD.

On the upside, the price faces resistance near the $3,480 level. The first major resistance is near the $3,500 level. The next major hurdle is near the $3,550 level. A close above the $3,550 level could send Ether towards the $3,650 resistance.

The next key resistance is near the $3,720 level. An upside break above the $3,720 resistance could push the price towards the $3,880 resistance zone in the coming days.

Are dips limited on ETH?

If Ethereum fails to clear the $3,500 resistance, it could start a downside correction. The initial support on the downside is near $3,400. The first major support is near the $3,320 zone and the trendline.

A clear move below the $3,320 support could push the price towards $3,270 or the 50% Fib retracement level of the upward wave from the $3,085 swing low to $3,497 high. Any more losses could send the price towards the $3,220 support level in the near term. The next major support lies at $3,150.

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 zone.

Major Support Level – $3,320

Major Resistance Level – $3,500

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