The price of Ethereum has found support near $3,540 and is rebounding. ETH is rising and may soon break through $3,740.
Ethereum has started to rise again, breaking through the levels of $3,540 and $3,580.
The price is above $3,620 and the 100-hour simple moving average.
On the ETH/USD hourly chart, it has broken through the bearish trend line, with resistance at $3,625 (data provided by Kraken).
If the currency pair can maintain above the support level of $3,540 in the short term, it may start a new round of rise.
Ethereum price is expected to rise
The price of Ethereum has started a new round of rise from the support level of $3,540, surpassing Bitcoin. The ETH price has successfully rebounded above the resistance levels of $3,550 and $3,580.
The bulls even pushed the price above the resistance level of $3,700. However, the bears remain active near $3,750. The price formed a peak at $3,733 and then retraced some of the gains. It fell below the level of $3,620.
The price tested the 50% Fibonacci retracement level of the uptrend from the low of $3,350 to the high of $3,733. ETH has broken through $3,600 again. On the ETH/USD hourly chart, it has broken through the bearish trend line, with resistance at $3,625.
The price of Ethereum is currently trading above $3,600 and the 100-hour simple moving average. On the upside, the price may face resistance near $3,700. The next key resistance level is around $3,720.
The first major resistance level is around $3,750. If it can significantly break through the resistance level of $3,750, the price may drop towards $3,820. If it can break through the resistance level of $3,820, there may be more increases in the coming trading days. In this case, Ethereum may rise to the resistance level of $4,000 in the short term, or even $4,120.
Does ETH support buying on dips?
If Ethereum fails to break through the resistance level of $3,720, it may trigger a new round of decline. The initial support level on the downside is around $3,620. The first major support level is around $3,580.
If the price significantly breaks below the support level of $3,580, it may push up to the support level of $3,540. If the price continues to decline, it may drop to the support level of $3,440 in the short term. The next key support level is at $3,350.
Technical indicators
Hourly MACD - The MACD of ETH/USD is gaining momentum in the bullish zone.
Hourly RSI - The RSI of ETH/USD is now above the 50 area.
Major support level - $3,540
Major resistance level - $3,750
