Ethereum began a fresh boost from the $3,400 assistance zone versus the United States Dollar. ETH price could accelerate higher once there is a clear break above $3,650.
- Ethereum began a fresh boost above the $3,500 and $3,550 resistance levels.
- The price is now trading above $3,550 and the 100 hourly simple moving average.
- There was a break above a crucial bearish pattern line with resistance near $3,500 on the per hour chart of ETH/USD (information feed through Kraken).
- The pair could start a fresh rally if there is a clear break above $3,650 and $3,660.
Ethereum Price Gains Pace
Ethereum stayed well supported above the $3,400 zone. ETH started a fresh increase above the $3,500 resistance zone and the 100 hourly simple moving average, similar to bitcoin.
There was likewise a break above a crucial bearish pattern line with resistance near $3,500 on the per hour chart of ETH/USD. The pair is now trading above the $3,550 resistance zone. Ether price even surpassed the $3,600 resistance zone.
A high is formed near $3,656 and the rate is now combining gains. It is well above the 23.6% Fib retracement level of the recent upward move from the $3,413 swing low to $3,656 high. The rate is now revealing favorable indications above the $3,630. An instant resistance on the benefit is near the $3,650 level.
The next major resistance is near the $3,660 level, above which the price might start a fresh surge. In the mentioned case, the rate could climb up towards the $3,750 level. Any more gains could set the pace for a move towards the $4,000 level in the near term.
Dips Limited in ETH?
If ethereum stops working to continue greater above the $3,650 and $3,660 resistance levels, it could begin a fresh drawback correction. An initial support on the downside is near the $3,600 level.
The initially essential assistance is now forming near the $3,550 level. It is near the 50% Fib retracement level of the recent upward move from the $3,413 swing low to $3,656 high. If there is a drawback break listed below the $3,550 and $3,535 assistance levels, the rate could decrease even more. The next essential assistance is near $3,450.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 60 level.
Major Support Level – $3,550
Major Resistance Level – $3,660
