Ethereum remained above the $3,400 support zone versus the United States Dollar. ETH price must clear $3,540 to start a fresh rally in the near term.
- Ethereum stayed well supported above the $3,400 and $3,380 levels.
- The price is now trading near $3,520 and the 100 hourly simple moving average.
- There is a significant decreasing channel forming with resistance near $3,520 on the per hour chart of ETH/USD (information feed by means of Kraken).
- The pair could start a fresh rally if there is a clear break above $3,540 and $3,550.
Ethereum Price Could Turn Green
Ethereum began a fresh decrease from the $3,600 resistance zone. ETH traded below the $3,500 support and the 100 hourly simple moving average. However, the bulls stayed active near the $3,400 level.
A low was formed near $3,405 and the price is now rising. Ether rate is now trading above the $3,450 level. There was a break above the 23.6% Fib retracement level of the downward move from the $3,620 swing high to $3,405 swing low.
It is now trading near $3,520 and the 100 per hour easy moving average. There is also a major declining channel forming with resistance near $3,520 on the hourly chart of ETH/USD.
The pattern line is close to the 50% Fib retracement level of the down relocation from the $3,620 swing high to $3,405 swing low. If there is a clear break above the channel resistance, the price could start a fresh increase above the $3,540 level.
The next significant resistance is near the $3,540 level, above which the rate may begin a fresh rise. In the mentioned case, the rate could climb up towards the $3,620 level.
Dips Supported in ETH?
If ethereum fails to continue higher above the $3,520 and $3,540 resistance levels, it could start a fresh decline. An preliminary support on the disadvantage is near the $3,450 level.
The first key support is now forming near the $3,400 level. If there is a disadvantage break listed below the $3,400 and $3,380 support levels, the rate could decrease even more. The next key support is near $3,375. Any more losses could push ether price towards the $3,300 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is getting speed in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,520
Major Resistance Level – $3,450
