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Ethereum price is gaining pace above the $3,600 resistance zone. ETH could extend its upward move if it clears the $3,725 resistance zone.
- Ethereum is aiming for more gains above the $3,725 and $3,740 levels.
- The price is trading above $3,650 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3,480 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its rally if there is a close above the $3,725 resistance zone.
Ethereum Price Jumps Over 8%
Ethereum price formed a base and started a decent increase above the $3,500 resistance, like Bitcoin. ETH surpassed the $3,600 and $3,650 levels to move into a positive zone.
A new weekly high was formed at $3,726 and the price is now consolidating gains. The price is well above the 23.6% Fib retracement level of the upward move from the $3,224 swing low to the $3,726 low. It is up over 8% and there are chances of more upsides.
Ethereum is trading above $3,650 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,480 on the hourly chart of ETH/USD. It is close to the 50% Fib retracement level of the upward move from the $3,224 swing low to the $3,726 low.
Immediate resistance is near the $3,725 level. The first major resistance is near the $3,750 level. The next key resistance sits at $3,800, above which the price might test the $3,880 level, above which Ether could gain bullish momentum.
Source: ETHUSD on TradingView.com
In the stated case, the price could rise toward the $3,880 zone. If there is a move above the $3,920 resistance, Ethereum could even rise toward the $4,000 resistance.
Are Dips Limited In ETH?
If Ethereum fails to clear the $3,725 resistance, it could start a downside correction. Initial support on the downside is near the $3,620 level.
The first major support is near the $3,500 zone or the trend line. The next key support could be the $3,420 zone. A clear move below the $3,420 support might send the price toward $3,350. Any more losses might send the price toward the $3,220 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,500
Major Resistance Level – $3,725
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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