Ethereum gained pace above the $3,500 resistance level against the US Dollar. ETH price is consolidating and may look for further gains above the $3,550 resistance level.
- Ethereum started a new rally after getting rid of the $3,450 resistance.
- The price is now trading above $3,500 and the 100 hourly simple moving average.
- There is a major bullish 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 area.
The price of Ethereum is gaining more
Ethereum’s offering has remained well above Pivot Level $3,400. ETH formed a base and started a new increase above the $3,450 resistance area.
There was a clear move above the $3500 level and 100-hour simple moving average. The price even rose 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, the ether is stable above the $3,480 level.
There is also a major ascending 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 get rid of the $3,575 resistance to start a new rally.
Source: ETHUSD on TradingView.com
In the aforementioned case, the price could exceed $3,600. The next major stop for the bulls could come in at $3680.
Support dips in ETH?
If Ethereum fails to start a new increase above the $3,525 level, it may continue to decline. There is initial support on the downside near the $3,500 region.
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 area, or the 50% Fib retracement level of the upward move from the $3,215 swing low to $3,580 high. A downside breakout below the $3,400 support area could push the price towards the $3,220 level.
MACD per hour – ETH/USD’s MACD is slowly losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $3,400
Key Resistance Level – $3,575