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Ethereum price remained supported above the $3,250 area. ETH started a new rally and crossed the $3,550 resistance area.
- Ethereum started a new surge from the $3,250 support area.
- The price is trading above $3,500 and the 100 hourly simple moving average.
- There was a break above the connecting downtrend line with resistance at $3,375 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair rose almost 10% and is now consolidating its gains near the $3,650 area.
Ethereum price starts new high
Ethereum price remained supported above $3,250 and started a new surge carrying Bitcoin. ETH managed to clear the $3,350 and $3,400 resistance levels.
There was a break above the connecting downtrend line with resistance at $3,375 on the hourly chart of ETH/USD. The bulls pumped the price above the $3,500 and $3,550 resistance levels. It rose almost 10% and was trading at $3,688.
The price is now correcting gains below the $3,650 level. Ethereum price is now trading above $3,550 and the 100 hourly simple moving average. It is also above the 23.6% Fibonacci retracement level of the upward move from the swing low of $3,254 to the swing high of $3,688.
On the upside, the price appears to be facing hurdles near the $3,650 level. The first major resistance is near the $3,685 level. The main resistance is now forming near $3,720.
A clear move above the $3,720 resistance could send the price towards the $3,840 resistance. A bullish break above the $3,840 resistance may require further gains in the coming sessions. In the mentioned case, the price of ether could rise towards the resistance area of $3,950 or even $4,000.
Downsides to backing in ETH?
If Ethereum fails to break above the $3,685 resistance level, it could start another decline. Initial support on the downside is near the $3,585 level. The first major support is near the $3,550 area.
A clear move below the $3,550 support level could push the price towards the 50% Fib retracement level of the upward move from the $3,254 swing low to the $3,688 swing high at $3,470. Any further losses could send the price towards the $3,350 support level in the near term. The next major support is at $3,250.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Key Support Level – $3,485
Major resistance level – $3,685
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