Ethereum’s price has begun a new rise from the support level of $3,350. ETH outperforms Bitcoin, and could rise even further towards the $3.650 resistance.
- Ethereum has gained momentum since the $3,365 key support zone.
- Price is above the Simple Moving Average of 100 hours and $3,450.
- A break was seen above the key bearish line near $3.460 in the hourly chart for ETH/USD. (Data feed from Kraken).
- Double-bottom patterns were formed and the pair gained momentum above the resistance of $3,500.
Ethereum Price Supported by Key Resistance
Ethereum’s price remains well over the $3350 zone of support. ETH has formed a new base after forming a double bottom pattern at $3,350 as we discussed yesterday.
This product is superior to its competitors Bitcoin The $3,450 barrier was broken. A clear movement above the 50% fib retracement of the downward trend from the swing-high $3,650 low to $3350 was evident. On the hourly chart for ETH/USD, there has also been a breakout above a major bearish trendline with resistance at $3,460.
Ethereum now trades above $3.450 100-hourly Simple Moving Average. It also shows positive signs that it will continue to rise above $3,535. Price could find resistance at the $3.580 level, or near the Fib retracement of the move downward from the $3.650 swing low to the $3.350 low.
First major resistance near $3,650. The price could rise if the resistance at $3,650 is broken. The price may gain strength and move up to $3,750 if it breaks above the next major resistance at $3720.
Ether may be sent towards resistance at $3.880 by a clear break above the $3.750 mark. Ether’s gains in coming days could push it towards the $4,000 zone of resistance.
The ETH Market is in Crisis Again?
Ethereum’s next decline could be triggered if the resistance of $3,580 is not overcome. The initial support for the downside is around $3,500. First major support at $3,450.
If the price falls below $3.450, it could move toward $3.350. Further losses may push the price down to $3,220 in the near future.
Technical Indicators
The Hourly MACD – MACD ETH/USD gains momentum into the bullish area.
Hourly RSI – The RSI value for ETH/USD now exceeds the 50-zone.
Major Support Level – $3,450
Major Resistance Level – $3,580
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Source: www.newsbtc.com
