Will Ethereum Match Bitcoin’s Strength and Rise? Indicators Turn Green — TradingView News

Ethereum price has started a decent rise from the $3,080 support zone. ETH is recovering and could aim for a test of the $3,500 resistance zone.

• Ethereum is showing positive signs from the $3,150 pivot zone.
• Price is trading above $3,250 and the 100 hourly simple moving average.
• There was a break above a key bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to rise if it stays above the $3,280 support zone.

Ethereum Price Expected to Steadily Rise to $3,500

Ethereum price formed a base above the $3,080 support area. A low was formed at $3,087 and the price started a decent increase above the $3,220 resistance area but lost strength like Bitcoin.

A break was noted above a key bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD. The pair managed to clear the 50% Fibonacci retracement level of the downward move from the $3,540 high to $3,087 low.

Ethereum is now trading above $3,250 and the 100 hourly simple moving average. If there is further upside, the price could face resistance near the $3,375 level or the 61.8% Fib retracement level of the downward move from the $3,540 high to $3,087 low.

BTCNews

The first major resistance lies near the $3,400 level. The next major hurdle lies near the $3,450 level. A close above the $3,450 level could send Ether towards the $3,500 resistance. The next key resistance lies near $3,550. An upside break above the $3,550 resistance could send the price higher towards the $3,720 resistance zone in the coming days.

Are dips limited in ETH?

If Ethereum fails to break the $3,400 resistance, it could start a downside correction. The initial support on the downside is near $3,280. The first major support is near the $3,250 area.

A clear move below the $3,180 support could push the price towards $3,120. Any further losses could send the price towards the $3,080 support level in the near term. The next key support lies at $3,050.

Technical indicators

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

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

Major Support Level – $3,250

Major Resistance Level – $3,400

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