Ethereum
Can the bulls trigger a bigger push?
Ethereum Price Surges to $3,500
Ethereum price has advanced above the $3,350 resistance zone. ETH has even tested $3,500 and is targeting further gains in the near term.
- Ethereum is showing strength and has tested the $3,500 level.
- Price is trading above $3,350 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise above the $3,500 and $3,550 resistance levels.
Ethereum Price Surges 10%, Bulls in Action
Ethereum price started a major increase above the $3,250 resistance zone. ETH even climbed above the $3,350 resistance to move further into a positive zone. Finally, there was a move above the $3,440 resistance, as Bitcoin.
The price tested the $3,500 resistance zone. A high was formed at $3,497 and the price is now consolidating gains. The bulls seem to be active well above the 23.6% Fibonacci retracement level of the upward wave from the $3,085 low to $3,497 high.
Ethereum is now trading above $3,400 and the 100-hour simple moving average. There is also a key uptrend line forming with support at $3,320 on the hourly chart of ETH/USD.
On the upside, the price is facing resistance near the $3,480 level. The first major resistance lies near the $3,500 level. The next major hurdle lies near the $3,550 level. A close above the $3,550 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 push the price towards the $3,880 resistance zone in the coming days.
Are dips limited in ETH?
If Ethereum fails to break the $3,500 resistance, it could start a downward correction. The initial support on the downside is near $3,400. The first major support is near the $3,320 area and the trend line.
A clear move below the $3,320 support could push the price towards $3,270 or the 50% Fibonacci retracement level of the upward wave from the $3,085 low to $3,497 high. Any further losses could send the price towards the $3,220 support level in the near term. The next key support lies at $3,150.
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 – $3,320
Major Resistance Level – $3,500