Ethereum stayed above the USD 3,400 support zone against the US dollar. ETH price has to exceed $ 3,540 to start a new rally in the near future.
- Ethereum remained well supported above the $ 3,400 and $ 3,380 levels.
- The price is now trading near $ 3,520 and the 100-hour simple moving average.
- A large bearish channel is forming on the hourly chart of ETH / USD (data feed via Kraken) with resistance near $ 3,520.
- The pair could start a new rally if there is a clear break above $ 3,540 and $ 3,550.
Ethereum price could turn green
Ethereum started another drop out of the $ 3,600 resistance zone. ETH traded under the support of $ 3,500 and the 100-hour simple moving average. The bulls remained active near the $ 3,400 mark, however.
A low was made at $ 3,405 and the price is now rising. Ether price is now trading above the $ 3,450 level. There was a break above the 23.6% Fib retracement level of the downward move from the swing high of $ 3,620 to the swing low of $ 3,405.
It is now trading near $ 3,520 and the 100-hour simple moving average. A large bearish channel is also forming on the hourly chart of ETH / USD with resistance near $ 3,520.
The trendline is near the 50% Fib retracement level of the downward move from the swing high of $ 3,620 to the swing low of $ 3,405. If there is a significant break above the channel resistance, the price could start rising again above the $ 3,540 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $ 3,540 level, above which the price could start a new spike. In the case mentioned, the price could rise to the USD 3,620 level.
Supported dips in ETH?
If Ethereum doesn’t stay above the $ 3,520 and $ 3,540 resistance levels, it could usher in another decline. Initial support on the downside is near the $ 3,450 level.
The first major support is now forming near the $ 3,400 mark. If there is a downside break below the USD 3,400 and USD 3,380 support levels, the price could drop further. The next major support is at $ 3,375. Further losses could push the ether price towards the USD 3,300 support zone.
Hourly MACD – The MACD for ETH / USD is gaining pace in the upward zone.
Hourly RSI – The RSI for ETH / USD is now above the 50 mark.
Large support tier – $ 3,520
Great resistance level – $ 3,450