Ethereum Price Stays Bullish As Indicators Point To Fresh Upside
Ethereum price is signaling positive moves above the $3,550 zone.
ETH could gain bullish momentum if it clears the $3,650 resistance zone in the near term.
Ethereum started another increase from the $3,500 support zone.
The price is trading above $3,550 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $3,550 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if it settles above the $3,650 resistance zone.
Ethereum Price Could Accelerate Higher Ethereum price remained strong above the $3,500 zone.
ETH formed a base and recently started a fresh increase above the $3,600 resistance zone, like Bitcoin.
However, the bears are still active near the $3,650 and $3,680 resistance levels.
A high was formed near $3,654 and the price is now consolidating gains.
It moved a few points lower and traded below the 23.6% Fib retracement level of the upward move from the $3,491 swing low to the $3,654 high.
Ethereum is still trading above $3,550 and the 100-hourly Simple Moving Average.
There is also a key bullish trend line forming with support at $3,550 on the hourly chart of ETH/USD.
The trend line is close to the 61.8% Fib retracement level of the upward move from the $3,491 swing low to the $3,654 high.
Source: ETHUSD on TradingView.com On the upside, immediate resistance is near the $3,630 level.
The first major resistance is near the $3,650 level.
The next key resistance sits at $3,680, 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 Limited In ETH? If Ethereum fails to clear the $3,650 resistance, it could start another decline.
Initial support on the downside is near the $3,600 level.
The first major support is near the $3,575 zone.
The next key support could be the $3,550 zone and the trend line.
A clear move below the $3,550 support might send the price toward $3,440.
Any more losses might send the price toward the $3,320 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 – $3,550 Major Resistance Level – $3,650…