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Ethereum price is moving higher above the $3,600 area. ETH is showing bullish signs and may soon target a move above the $3,800 resistance area.
- Ethereum started a good increase from the $3,550 area.
- The price is trading above the $3,550 level and the 100 hourly simple moving average.
- There is a solid uptrend line forming with support at $3,700 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its rise if it crosses the $3,750 area.
Ethereum price is looking to steadily increase
Ethereum price remained supported above $3,350 and started a new increase like Bitcoin. ETH managed to clear the $3,450 and $3,550 resistance levels.
The bulls pumped the price above the $3,700 level. The high was formed at $3,748 and the price is now consolidating its gains. There was a slight decline below the $3,720 level. The price fell and tested the 23.6% Fibonacci retracement level of the upward wave from the low of $3,572 to the high of $3,748.
Ethereum price is now trading above $3,550 and the 100 hourly simple moving average. There is also a connected uptrend line forming with support at $3,700 on the hourly chart of ETH/USD.
On the upside, the price appears to be facing hurdles near the $3,740 level. The first major resistance is near the $3,750 level. The main resistance is now forming near $3,800. A clear move above the $3,800 resistance level could send the price towards the $3,880 resistance level. A bullish break above the $3,880 resistance may require further gains in the coming sessions. In the mentioned case, the price of ether could rise towards the resistance area of $3,940 or even $4,000.
Correcting the downside in ETH?
If Ethereum fails to break above the $3,750 resistance level, it could start another decline. Initial support on the downside is near the $3,700 level. The first major support is near the $3,675 area.
A clear move below the $3,675 support level could push the price towards the 61.8% Fib retracement level of the upward wave from the $3,572 swing low to the $3,748 swing high at $3,640. Any further losses could send the price towards the $3,570 support level in the near term. The next major support is at $3,550.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Major support level – $3,700
Major resistance level – $3,750
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