Ethereum gained pace above the $3,500 resistance against the US Dollar. ETH price is consolidating and might eye more gains above the $3,550 resistance.
- Ethereum started a fresh increase after it cleared the $3,450 resistance.
- The price is now trading above $3,500 and the 100 hourly simple moving average.
- There is a key rising channel forming with support near $3,455 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another increase if it manages to stay above the $3,400 support zone.
Ethereum Price Eyes More Gains
Ethereum remained well bid above the $3,400 pivot level. ETH formed a base and started a fresh increase above the $3,450 resistance zone.
There was a clear move above the $3,500 level and the 100 hourly simple moving average. The price even spiked above the $3,550 level and traded as high as $3,580. The price is now correcting lower and consolidating near the $3,500 level.
There was a move below the 23.6% Fib retracement level of the upward move from the $3,215 swing low to $3,580 high. However, ether is stable above the $3,480 level.
There is also a key rising channel forming with support near $3,455 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $3,525 level. The next major resistance is near the $3,575 level. Ether price must clear the $3,575 resistance to start a fresh surge.
In the stated case, the price could even surpass $3,600. The next major stop for the bulls on the upside may perhaps be $3,680.
Dips Supported in ETH?
If ethereum fails to start a fresh increase above the $3,525 level, it could continue to move down. An initial support on the downside is near the $3,500 zone.
The next major support is near the $3,425 level and the 100 hourly simple moving average. The main support is near the $3,400 zone or the 50% Fib retracement level of the upward move from the $3,215 swing low to $3,580 high. A downside break below the $3,400 support zone might push the price towards the $3,220 level.
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,400
Major Resistance Level – $3,575