Ethereum started a steady surge, losing $ 3,400 against the US dollar. ETH price is showing positive signs and could accelerate further above $ 3,500.
- Ethereum began a steady spike above the $ 3,350 and $ 3,380 resistance levels.
- The price is now trading above $ 3,400 and the 100-hour simple moving average.
- A major bullish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with support near USD 3,425.
- The pair could continue to accelerate higher once it breaks the USD 3,480 resistance zone.
Ethereum price is gaining momentum
Ethereum formed a base above the $ 3,250 level and began a steady increase. ETH price was able to break through the resistance levels of USD 3,350 and USD 3,380.
It even surged above the $ 3,400 zone and settled well above the 100-hour simple moving average. A high was made at $ 3,477 before a downward correction. Price corrected below $ 3,400, but the bulls were active near $ 3,350.
It made a low near $ 3,340 and started another spike. Ether was trading above the 50% Fib retracement level of the recent decline from the $ 3,477 swing high to the $ 3,340 low.
It is now trading above $ 3,400 and the 100-hour simple moving average. A major bullish trendline is also forming on the hourly chart of ETH / USD with support near USD 3,425. The pair is attempting to break above the 76.4% fib retracement level of the recent decline from the high of $ 3,477 to the low of $ 3,340.
Source: ETHUSD on TradingView.com
If the bulls succeed, there could be more gains beyond the $ 3,480 resistance. The next major resistance is near the $ 3,500 mark. A significant break above the USD 3,500 resistance could open the doors for further rise. In the named case, Ether could potentially soar towards the $ 3,600 mark.
Dips Limited at ETH?
Unless Ethereum rises above the $ 3,480 and $ 3,500 resistance levels, it could initiate a downward correction. Immediate support on the downside is near the $ 3,435 level.
The next big support is now forming near the $ 3,425 zone and trend line. A break below the trendline could trigger a sharp decline. In the aforementioned scenario, Ether price could revisit the support region of $ 3,350.
Hourly MACD – The MACD for ETH / USD is now gaining pace in the upward zone.
Hourly RSI – The RSI for ETH / USD is now above the 50 mark.
Large support tier – $ 3,350
Great resistance level – $ 3,500