Ethereum price found support near the $3,540 zone and recovered. ETH is rising and might soon aim for a move above the $3,740 zone.
Ethereum started a fresh increase above the $3,540 and $3,580 levels.
The price is trading above $3,620 and the 100-hourly Simple Moving Average.
There was a break above a bearish trend line with resistance at $3,625 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it remains supported above the $3,540 zone in the near term.
Ethereum Price Aims Higher
Ethereum price started a fresh increase from the $3,540 support zone, beating Bitcoin. ETH price was able to recover above the $3,550 and $3,580 resistance levels.
The bulls even pushed the price above the $3,700 resistance zone. However, the bears remained active near the $3,750 zone. A high was formed at $3,733 and the price corrected some gains. There was a move below the $3,620 level.
The price tested the 50% Fib retracement level of the upward move from the $3,350 swing low to the $3,733 high. ETH is again rising above $3,600. There was a break above a bearish trend line with resistance at $3,625 on the hourly chart of ETH/USD.
Ethereum price is now trading above $3,600 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $3,700 level. The next key resistance is near the $3,720 level.
The first major resistance is near the $3,750 level. A clear move above the $3,750 resistance might send the price toward the $3,820 resistance. An upside break above the $3,820 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,000 resistance zone or even $4,120 in the near term.
Are Dips Supported In ETH?
If Ethereum fails to clear the $3,720 resistance, it could start a fresh decline. Initial support on the downside is near the $3,620 level. The first major support sits near the $3,580 zone.
A clear move below the $3,580 support might push the price toward the $3,540 support. Any more losses might send the price toward the $3,440 support level in the near term. The next key support sits at $3,350.
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 – $3,540
Major Resistance Level – $3,750
