Ethereum began another surge out of the USD 3,400 support zone against the US dollar. ETH price could go higher once there is a clear break above $ 3,650.
- Ethereum began another spike above the $ 3,500 and $ 3,550 resistance levels.
- The price is now trading above $ 3,550 and the 100-hour simple moving average.
- The ETH / USD hourly chart (data feed via Kraken) broke through a major bearish trendline with resistance near USD 3,500.
- The pair could start a new rally if there is a clear break above $ 3,650 and $ 3,660.
Ethereum price gains pace
Ethereum remained well supported above the $ 3,400 zone. ETH began a renewed spike above the USD 3,500 resistance zone and the 100-hour simple moving average, similar to Bitcoin.
There was also a break above a major bearish trendline with resistance near USD 3,500 on the ETH / USD hourly chart. The pair is now trading above the USD 3,550 resistance zone. Ether price even surpassed the USD 3,600 resistance zone.
A high is formed near $ 3,656 and the price is now consolidating gains. It’s well above the 23.6% fib retracement level of the recent bullish move from the $ 3,413 low to the $ 3,656 high. The price is now showing positive signs above $ 3,630. Immediate resistance to the upside is near the $ 3,650 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $ 3,660 level, above which the price could start a new spike. In the case mentioned, the price could rise to the level of $ 3,750. Further gains could set the pace for a move towards the $ 4,000 mark in the short term.
Dips Limited at ETH?
If Ethereum is no longer above the $ 3,650 and $ 3,660 resistance levels, it could initiate another downward correction. Initial downside support is near the $ 3,600 mark.
The first major support is now forming near the $ 3,550 level. It is near the 50% Fib retracement level of the recent bullish move from the low of $ 3,413 to the high of $ 3,656. If there is a downside break below the USD 3,550 and USD 3,535 support levels, the price could drop further. The next major support is at $ 3,450.
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 60 mark.
Large support level – $ 3,550
Great resistance level – $ 3,660