Ethereum Remains In Uptrend, Why ETH Could Surpass $3,600


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.

Ethereum price

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.

Technical Indicators

MACD per hourETH/USD’s MACD is slowly losing momentum in bullish territory.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Key Support Level – $3,400

Key Resistance Level – $3,575



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