After breaking the $3,500 barrier zone, the Ethereum price declined. ETH struggled to stay above $3,380 and dropped below $3,440.
- Ethereum is rising above the $3,500 level.
- The price is trading higher than $3,520 and the 100-hourly simple moving average.
- The hourly chart of ETH/USD shows a connected positive trend line with support at $3,450 (data feed via Kraken).
- The pair may continue to increase if it clears the $3,565 resistance zone.
The price of Ethereum remains at $3,500
The Ethereum price continued to move above the $3,350 resistance level into the bullish zone. ETH’s growth was slower than Bitcoin’s, but it broke above the $3,500 barrier. The price surged above $3,550 and reached a peak at $3,563.
The upward rise from the $3,412 low to the $3,563 high is currently consolidating gains near the 23.6% Fib retracement line. Currently, the Ethereum price is trading above $3,500 and the 100-hourly simple moving average.
The hourly chart of ETH/USD also shows the formation of a connecting bullish trend line with support at $3,450. The trend line is located near the 76.4% Fib retracement level of the upward move from the $3,412 low to the $3,563 high.
The price could attempt another gain if it continues to trade above the 100-hour simple moving average. The price is facing upside resistance near the $3,550 mark. The $3,580 mark represents the first significant resistance. The next significant hurdle is located near $3,650.
Source: ETHUSD on TradingView.com
If Ether closes above $3,650, it could head towards the $3,700 resistance. The next significant hurdle is not too far away, at $3,720. If there is an upside break above the $3,720 resistance, the price could rise towards the $3,800 barrier zone in the coming days.
Another drop in ETH?
If Ethereum cannot overcome the $3,550 barrier, it could start a downward correction. Initial downward support is located near $3,500. The 100-hour simple moving average and the $3,470 area mark the location of the first significant support.
If there is a clear break below the $3,470 support level, the price could head towards $3,440. In the short term, if there are any more losses, the price could head towards the $3,350 support level. $3,320 is the next crucial support.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is losing strength in the positive zone.
The hourly RSI for ETH and USD is now over 50.
Major Support Level: $3,500.
Major Resistance Level: $3,550.
