- Ethereum price is moving higher above the $3,500 resistance against the US Dollar.
- ETH price is now trading above $3,550 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $3,550 on the 4-hour chart (data feed from Coinbase).
- The pair could climb further if it stays above the $3,500 support zone.
Ethereum price is rising above the $3,600 level against the US Dollar. ETH/USD could rise further if it clears the $3,680 resistance zone.
Ethereum Price Analysis
In the past few sessions, Ethereum saw a decent increase above the $3,300 level against the US Dollar. ETH price was able to gain pace for a move above the $3,500 level and the 55 simple moving average (4 hours).
The bulls even pushed the price above the $3,600 resistance zone. A high is formed near $3,678 and the price is now consolidating gains. It is trading above the $3,600 level. It is also above the 23.6% Fib retracement level of the upward wave from the $3,185 swing low to the $3,678 high.
Ether price is showing positive signs above $3,600 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $3,550 on the 4-hour chart.
Immediate resistance on the upside is near the $3,680 level. The next major resistance is near the $3,720 zone. A clear move above the $3,720 level could send the price toward $3,850. Any more gains could even send the price toward the $3,900 resistance zone or $4,000 in the near term.
On the downside, initial support is near the $3,550 level. The next major support is now near the $3,440 level or 50% Fib retracement level of the upward wave from the $3,185 swing low to the $3,678 high, below which the price might test $3,300. A break below the $3,300 support could push the price to $3,120. Any more losses could lead the price towards $3,000.
Looking at the chart, Ethereum’s price is trading above the $3,600 zone and the 55 simple moving average (4 hours). Overall, Ether’s price could climb further if it stays above the $3,500 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $3,550, followed by the $3,300 zone.
Key Resistance$ Levels – $3,680 and $3,850.
