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Ethereum price rose above $3,500 but struggled near $3,580. ETH must break above the $3,650 resistance level to move further into positive territory.
- Ethereum is consolidating its gains below the $3,650 resistance area.
- The price is trading above $3,500 and the 100 hourly simple moving average.
- There is a short-term bullish channel forming with resistance near $3,585 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain upward momentum if it crosses the $3,600 and $3,650 resistance levels.
Ethereum price unification
Ethereum price has started to rise nicely from the $3,350 support area. ETH formed a base and rose above the $3,450 and $3,500 resistance levels. So she excelled Bitcoin The $3,550 resistance level was broken.
The bears are now active below the $3,600 level. The high was formed at $3,586 and the price is now consolidating its gains. There was a slight decline below the $3,550 level. The price fell below the 23.6% Fibonacci retracement level of the upward move from the $3,350 swing low to the $3,586 swing high.
Ethereum is still trading above $3,500 100 hourly simple moving average. There is also a short-term bullish channel forming with resistance near $3,585 on the hourly chart of the ETH/USD pair.
On the upside, the price may face resistance near the $3,580 level or the channel area. The first major resistance is near the $3,620 level. The main resistance is located at $3,650. A bullish breakout above the $3,650 resistance could push the price higher.
The next major resistance is at $3,720, above which the price could gain momentum and rise towards the $3,750 level. A clear move above the $3,750 level could send Ether towards the $3,880 resistance level. Any further gains could send Ether towards the $4,000 resistance area in the coming days.
Another drop in ETH?
If Ethereum fails to break above the $3,600 resistance level, it could start another decline. Initial support on the downside is near $3,520 and the channel trend line. The first major support is $3,500.
A clear move below the $3,500 support could push the price towards $3,465 or the 50% Fibonacci retracement level of the upward move from the $3,350 swing low to the $3,586 high. Any further losses may send the price towards the $3,400 level in the near term.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is losing 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 – $3,600
