Ethereum is gaining pace above the $3,350 resistance level against the US Dollar. The price of ETH could continue to rise and it could break the $3,500 level.
- Ethereum is steadily rising and is trading above the $3,350 resistance level.
- The price is now trading above $3350 and the 100 hourly simple moving average.
- There is a major contracting triangle forming with resistance near $3,400 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another increase if it breaks the $3,400 and $3,420 resistance levels.
Ethereum price targets $3500
Ethereum has formed a base above the $3120 support area. ETH started another rally and cleared the $3,250 resistance.
There was also a clear move above the $3350 level and the price settled above the 100-hour simple moving average. It traded to a new multi-week high at $3,431 and is currently consolidating gains. There was a slight movement below the $3,400 level.
Ether price fell below the 23.6% Fib retracement level of the recent rally from the $3,130 swing low to the $3,431 high. On the upside, there is initial resistance near the $3,400 level.
There is also a major contracting triangle forming with resistance near $3,400 on the hourly chart of ETH/USD. The next major resistance is near the $3,420 level. Ether price could start another rally if there is a clear move above the $3,420 resistance.
Source: ETHUSD on TradingView.com
A close above the $3,420 level could push the price towards the $3,500 level. Any further gains could call for a move towards the $3,650 resistance area in the upcoming sessions.
Does support dip in ETH?
If Ethereum fails to start a new rally above the $3,400 level, it may start a downside correction. There is initial support on the downside near the $3,360 region. The next major support is near the $3,300 level. It is close to the 50% Fib retracement level of the recent rally from the $3,130 swing low to $3,431 high.
The main support is near the $3,250 area and a solid uptrend line. A break-down below the $3,250 support area could put a lot of pressure on the bulls. In the aforementioned case, the price may drop to $3,100.
MACD per hour – The MACD for ETH/USD is now gaining momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 levels.
Key Support Level – $3250
Key Resistance Level – $3,400