Ethereum price continues its upward trend, breaking through the $3,650 region. ETH is consolidating, aiming to break through the resistance level of $3,750 and continue the upward momentum.
Ethereum has started a strong recovery wave above the $3,700 region.
The price is currently above $3,650 and the 100-hour simple moving average.
On the hourly chart of ETH/USD, a connecting bullish trendline has formed with a support level at $3,660 (data provided by Kraken).
If it breaks through the resistance level of $3,750, the currency pair may continue to rise.
Ethereum price climbs above $3,700.
Ethereum price remains stable above $3,550 and continues the upward momentum like Bitcoin. ETH is expected to break through resistance levels of $3,620 and $3,650.
Bulls were able to break through the resistance level of $3,700. This opens the door to the level of $3,750. The high was formed at $3,742, and the price is currently consolidating gains. The 23.6% Fibonacci retracement level of the upward trend from the swing low of $3,593 to the swing high of $3,742 has slightly decreased.
Ethereum price is currently trading above $3,660 and the 100-hour simple moving average. On the hourly chart of ETH/USD, a connecting bullish trendline has formed, with a support level at $3,660. This trendline is close to the 50% Fibonacci retracement level of the upward trend from the swing low of $3,593 to the swing high of $3,742.
From an upward perspective, the price seems to face resistance around $3,710. The first major resistance level is around $3,750. Currently, the main resistance level is around $3,780. If a clear breakout of the resistance level at $3,780 occurs, it could push the price towards the resistance level of $3,850.
Breaking through the resistance level of $3,850 could bring more gains in the coming trading days. In this case, Ether may rise to the resistance level of $3,920 or even $4,000 in the short term.
Is ETH falling again?
If Ethereum fails to break through the resistance level of $3,750, it may fall again. The initial support level on the downside is around $3,660 and near the trendline. The first major support level is around $3,620.
Falling below the support level of $3,620 could push the price down to the support level of $3,550. If the price falls further, it might drop to the support level of $3,500 in the short term. The next key support level is at $3,420.
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 area.
Major support level - $3,660.
Major resistance level - $3,750.
