Ethereum began consolidating above $ 3,700 against the US dollar. ETH price is supported above USD 3,700 and could continue to rise above the USD 3,850 resistance.
- Ethereum began a downward correction from the $ 3,850 resistance zone.
- The price is now trading well above $ 3,700 and the 100-hour simple moving average.
- A large bullish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with support near $ 3,680.
- The pair could trade in a range and could continue to climb above $ 3,850.
Ethereum price holds profits
Ethereum gained pace and broke the USD 3,800 resistance. ETH was trading as high as $ 3,843 before a downside correction set in.
There was a drop below the $ 3,800 mark. Ether price fell below the 23.6% fib retracement level of the upswing from the low of $ 3,520 to the high of $ 3,840. It tested the USD 3,700 support zone where the bulls emerged and protected other drawbacks.
A major bullish trendline is also forming on the hourly chart of ETH / USD with support near $ 3,680. Ether price is now consolidating near the $ 3,800 mark. It’s also trading well above $ 3,720 and the 100-hour simple moving average.
Source: ETHUSD on TradingView.com
Immediate resistance to the upside is near the $ 3,820 level. The first major resistance is near the $ 3,850 level. A proper move above the $ 3,850 level could initiate another upward move. The next major resistance is near the $ 4,000 mark.
Dips Limited at ETH?
Unless Ethereum rises above the $ 3,820 and $ 3,850 resistance levels, it could initiate a downward correction. Immediate support on the downside is near the $ 3,720 level. The next big support is now forming near the $ 3,700 zone. Trendline support at $ 3,680 is also of great concern.
It is close to the 50% Fib retracement level of the upswing from the low of $ 3,520 to the high of $ 3,840. A break below the USD 3,680 support zone could push the price further down. In the case mentioned, the price is likely to drop towards USD 3,600 in the short term.
Hourly MACD – The MACD for ETH / USD is slowly gaining momentum in the upward zone.
Hourly RSI – The RSI for ETH / USD is now above the 50 mark.
Great level of assistance – $ 3,680
Great resistance level – $ 3,850