Ethereum was stable at $3,400 against the US dollar. The ETH price has been rising, and is expected to break the $3550 resistance.
- After it reached the $3,400 support level, Ethereum saw a new increase.
- The current price trades above $3,500 as well as the simple 100-hour moving average.
- On the hourly chart for ETH/USD, there is an apparent bearish trend line connecting with resistance close to $3,530. (Data feed via Kraken).
- A steady increase in the price of this pair is possible if it crosses the trend line at $3,550.
Ethereum Price Looks Upside Down
Ethereum continued to fall below $3,440. ETH bulls protected a downside breakout below the $3,000.00 support. Also, bulls were active close to the 50% Fib Retracement level for the key rise from $3,215 swing high to $3,580 low.
A double bottom formation was seen at $3,400. Then the price increased again. A move was seen above the $3,000.00 level as well as the 100 hourly simple moving mean.
The $3,525 mark is the current resistance. On the hourly chart for ETH/USD, there is a bearish trend line connecting with resistance at $3,525. Next is resistance at the level of $3,580. A major rise could occur if the price breaks through the $3,580 level.
Source: TradingView.com ETHUSD
The price may rise above $3,600 in the case mentioned. In the short term, $3,750 could be the next stop for bulls looking to the upside.
Dips Limited to ETH
It could begin a new downside correction if ethereum does not start an increase above $3,580. Initial support is located near the 3450-level and 100 hourly simple moving mean.
Next major support will be at the $3,000. The price may test $3,350 if there’s a downturn below the $3,000. Support. The price is close to the 61.8% Fib Retracement level for the important increase from $3,215 swing high to $3,580 low. It is possible that further losses could set the stage for a push towards the $3.220 support area.
Technical indicators
Minutely MACD – The bullish zone is gradually gaining speed in the MACD of ETH/USD.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $3,400
Major Resistance Level – $3,580
