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Ethereum price failed to continue rising above the $3,500 resistance area. Ethereum corrected the gains and is now trading in a range above the $3,400 level.
- Ethereum is consolidating below the $3,500 resistance area.
- The price is trading below the $3,480 level and the 100-hour simple moving average.
- There is a major bearish channel forming with resistance at $3,470 on the hourly chart of the ETH/USD pair (data via Kraken).
- The pair may start a fresh uptrend if there is a clear move above the $3,500 resistance area.
Ethereum Price Stuck in a Range Below $3550
Ethereum price failed to extend its gains above the resistance area at $3,550. Ethereum corrected its gains and traded below the $3,500 level as BitcoinThe bears managed to push the price below the $3450 level.
A low point was formed near $3,390 and the price is on the rise. There was a move above the $3,420 level. The price rose above the 50% Fib retracement level of the downward move from the $3,540 swing high to $3,390 swing low. However, the bears are active near the $3,500 level.
They failed to clear the 61.8% Fib retracement level of the downward move from the $3,540 high to $3,390 low. A major bearish channel is also forming with resistance at $3,470 on the hourly chart of the ETH/USD pair.
Ethereum is now trading below $3,500. 100 hour simple moving averageOn the upside, the price is facing resistance near the $3,480 level. The first major resistance is near the $3,500 level. The next major hurdle is near the $3,520 level.
A close above $3,520 could push Ethereum price towards the $3,550 resistance level. The next major resistance is near the $3,650 level. A rise above the $3,650 resistance could push the price towards the $3,800 resistance area.
Another drop in ETH?
If Ethereum fails to break above the $3,500 resistance level, it could start falling again. Initial support on the downside is near $3,420. The first major support is near the $3,400 area.
A clear move below the $3,400 support could push the price towards $3,340. Any further losses could push the price towards the $3,320 support in the near term. The next major support level is at $3,250.
Technical indicators
MACD hourly – 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.
Key Support Level – $3400
Key Resistance Level – $3500
