Ethereum
Bulls ready for another try?
Ethereum Price Struggles to $3,550
Ethereum price is still struggling to break above the $3,500 resistance zone. ETH is consolidating and could make another attempt to break above the $3,550 zone.
- Ethereum consolidates below the $3,550 resistance zone.
- Price is trading above $3,450 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $3,440 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue higher if there is a clear move above the $3,500 resistance zone.
Ethereum Price Holds Gains Above $3,450
Ethereum price remained in a bullish zone above the $3,420 resistance area. ETH made another attempt to break above the $3,550 resistance area but failed as BitcoinThe price reacted lower and tested the $3,425 level.
A low is forming near $3,427 and the price is moving higher. There was a move above the $3,450 level. The price climbed above the 23.6% Fibonacci retracement level of the downward move from the $3,563 high to $3,427 low. There is also a key bullish trend line forming with support at $3,440 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,450 and the 100-hour simple moving average. If the price stays above the 100 hourly simple moving average, it could attempt a fresh rise. On the upside, the price faces resistance near the $3,500 level or the 50% Fibonacci retracement level of the downward move from the $3,563 high to $3,427 low.
The first major resistance lies near the $3,550 level. The next major hurdle lies near the $3,565 level. A close above the $3,565 level could send Ether towards the $3,650 resistance. The next key resistance lies near $3,720. An upside break above the $3,720 resistance could send the price higher towards the $3,800 resistance zone in the coming days.
More losses for ETH?
If Ethereum fails to break the $3,500 resistance, it could start a fresh decline. The initial support on the downside is near $3,460. The first major support is near the $3,440 area and the trendline.
A clear move below the $3,440 support could push the price towards $3,420. Any further losses could send the price towards the $3,350 support level in the near term. The next key support lies at $3,320.
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 zone.
Major Support Level – $3,440
Major Resistance Level – $3,550