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Ethereum price is pumping above the $3,550 resistance. ETH is following Bitcoin and might soon rally toward the $4,000 resistance zone.
- Ethereum is gaining pace above the $3,550 resistance zone.
- The price is trading above $3,650 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3,600 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair seems to be setting up for a move toward the $3,850 and $4,000 levels.
Ethereum Price Starts Fresh Surge
Ethereum price extended its rally above the $3,500 level, like Bitcoin. BTC surged and even spiked above the $68,000 level. ETH is showing signs of strength and surging above the $3,650 level.
There was a clear move above the $3,700 level. A new multi-month high is formed at $3,715 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $3,465 swing low to the $3,715 high.
Ethereum is now trading above $3,650 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,600 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the upward move from the $3,465 swing low to the $3,715 high.
Immediate resistance on the upside is near the $3,720 level. The first major resistance is near the $3,780 level. The next major resistance is near $3,850, above which the price might gain bullish momentum. The next stop for the bulls could be near the $3,920 level.
Source: ETHUSD on TradingView.com
If there is a move above the $3,920 resistance, Ether could even rally toward the $4,000 resistance. Any more gains might call for a test of $4,200.
Downside Correction In ETH?
If Ethereum fails to clear the $3,720 resistance, it could start a downside correction. Initial support on the downside is near the $3,650 level.
The first major support is near the $3,600 zone and the trend line. The next key support could be the $3,550 zone. A clear move below the $3,550 support might send the price toward $3,420. Any more losses might send the price toward the $3,350 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,600
Major Resistance Level – $3,720
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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