Ethereum Price May Have Another Chance For A Bullish Streak: Here’s How
Ethereum price is showing positive signs above the $3,550 zone.
ETH must clear the $3,680 resistance to continue higher in the near term.
Ethereum started another increase above the $3,550 resistance zone.
The price is trading above $3,550 and the 100-hourly Simple Moving Average.
There is a major bullish trend line forming with support at $3,590 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if it settles above the $3,680 resistance zone.
Ethereum Price Remains In Uptrend Ethereum price started another increase above the $3,500 resistance zone.
ETH bulls were able to push the price in a positive zone above the $3,580 level, like Bitcoin.
ETH climbed above the $3,650 resistance zone.
A high was formed at $3,680 before the price started a downside correction.
There was a minor decline below the $3,600 level.
The price declined below the 23.6% Fib retracement level of the upward move from the $3,302 swing low to the $3,680 high.
Ethereum is now trading above $3,580 and the 100-hourly Simple Moving Average.
There is also a major bullish trend line forming with support at $3,590 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com On the upside, immediate resistance is near the $3,640 level.
The first major resistance is near the $3,680 level.
The next key resistance sits at $3,720, above which the price might gain bullish momentum.
In the stated case, Ether could rally toward the $3,800 level.
If there is a move above the $3,800 resistance, Ethereum could even climb toward the $3,880 resistance.
Any more gains might call for a test of $4,000.
Are Dips Supported In ETH? If Ethereum fails to clear the $3,640 resistance, it could start another decline.
Initial support on the downside is near the $3,590 level and the trend line.
The first major support is near the $3,550 zone.
The next key support could be the $3,500 zone or the 50% Fib retracement level of the upward move from the $3,302 swing low to the $3,680 high.
A clear move below the $3,500 support might send the price toward $3,390.
Any more losses might send the price toward the $3,250 level.
Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,590 Major Resistance Level – $3,680…