Ethereum Price Stays Bullish As Indicators Point To Fresh Upside

Ethereum price is signaling positive moves above the $3,550 zone. ETH could gain bullish momentum if it clears the $3,650 resistance zone in the near term.

• Ethereum started another increase from the $3,500 support zone.
• The price is trading above $3,550 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $3,550 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain bullish momentum if it settles above the $3,650 resistance zone.

Ethereum Price Could Accelerate Higher

Ethereum price remained strong above the $3,500 zone. ETH formed a base and recently started a fresh increase above the $3,600 resistance zone, like Bitcoin.

However, the bears are still active near the $3,650 and $3,680 resistance levels. A high was formed near $3,654 and the price is now consolidating gains. It moved a few points lower and traded below the 23.6% Fib retracement level of the upward move from the $3,491 swing low to the $3,654 high.

Ethereum is still trading above $3,550 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,550 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the upward move from the $3,491 swing low to the $3,654 high.

Source: ETHUSD on TradingView.com

On the upside, immediate resistance is near the $3,630 level. The first major resistance is near the $3,650 level. The next key resistance sits at $3,680, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,800 level. If there is a move above the $3,800 resistance, Ethereum could even climb toward the $3,880 resistance. Any more gains might call for a test of $4,000.

Are Dips Limited In ETH?

If Ethereum fails to clear the $3,650 resistance, it could start another decline. Initial support on the downside is near the $3,600 level.

The first major support is near the $3,575 zone. The next key support could be the $3,550 zone and the trend line. A clear move below the $3,550 support might send the price toward $3,440. Any more losses might send the price toward the $3,320 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $3,550

Major Resistance Level – $3,650

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.