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
