Home CryptocurrencyAnalysis Ethereum Price Could Regain Strength If It Clears This Key Hurdle

Ethereum Price Could Regain Strength If It Clears This Key Hurdle

by SuperiorInvest

Ethereum price is attempting a new wave of rise above the $3,400 zone. ETH must overcome the $3,580 resistance to continue rising in the near term.

  • Ethereum maintains gains above the $3,250 support zone.
  • The price is trading above $3,400 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD (data via Kraken).
  • The pair could continue to rise if it settles above the $3,500 resistance zone.

Ethereum price foresees a new increase

Ethereum price remained stable above the $3,250 support zone. ETH formed a base and started a new rise above the $3,350 resistance level, like Bitcoin.

ETH rose above the $3,400 resistance zone. There was a move above the 50% Fibonacci retracement level of the downward move from the high of $3,587 to the low of $3,250. There was a break above a key bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD.

Ethereum is now trading above $3,400 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $3,500 level. It is close to the 76.4% Fibonacci retracement level of the downside move from the high of $3,587 to the low of $3,250.

Source: ETHUSD on TradingView.com

The first major resistance is near the $3,550 level. The next key resistance lies at $3,580, above which the price could gain bullish momentum. In the indicated case, Ether could rise towards the $3,720 level. If there is a move above the $3,720 resistance, Ethereum could even rally towards the $3,880 resistance. Any additional winnings could require a test of $4,000.

Another drop in ETH?

If Ethereum fails to overcome the $3,500 resistance, it could start another decline. Initial support on the downside is near the $3,400 level.

The first major support is near the $3,250 area. The next key support could be the $3,060 area. A clear move below the $3,060 support could send the price towards $3,000. Any further losses could send the price towards the $2,880 level.

Technical Indicators

MACD hourlyThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Main Support Level: $3,400

Main Resistance Level: $3,580

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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