Ethereum’s price has begun a steady upward movement from $3,080. ETH has recovered and could aim to test the $3.500 resistance level.
- The pivot zone of $3,150 is a positive sign for Ethereum.
- Price is above the Simple Moving Average of 100 hours and $3,250.
- The hourly chart for ETH/USD shows a significant break over a major bearish trendline. This line has a resistance of $3,280. (Data feed from Kraken).
- If the pair stays above $3,280’s support level it could move higher.
Ethereum Price to Increase Steadily To $3500
Ethereum formed a support base over $3,080. Price started to rise above $3,220, but with a lag. Bitcoin.
The hourly chart shows ETH/USD breaking above the key trend line that is a resistance level of $3,280. The pair managed to break the 50% Fib level for the decline from the swing high of $3,540 to the low of $3,087.
Ethereum has now traded above $3.250. 100-hourly Simple Moving Average. If the upside continues, then the price may face some resistance around the $3375 mark or the Fib level of 61.8% retracement from the swing high at $3,540 to the low point at $3,087.
Near the $3400 mark, we find our first significant resistance. Near the $3.450 mark, we have our next big obstacle. Ether could be pushed towards the $3.500 resistance if it closes above $3.450. Near $3,550 is the next major resistance. A break to the upside above $3,550 could send the price up toward $3,720 in coming days.
Do Dips Only Come In ETH?
Ethereum could begin a correction to the downside if it fails to break through $3,400. The initial support for the downside lies near $3280. First major support is near $3,250.
Any further losses could push the price towards $3,120. In the short term, any further losses could push the price towards the $3.080 level of support. Next key support is $3,050.
Technical Indicators
Hourly MACD – The MACD of ETH/USD has gained momentum and is now in the positive zone.
Hourly RSI – The RSI value for ETH/USD now exceeds the 50-zone.
Major Support Level – $3,250
Major Resistance Level – $3,400
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Source: www.newsbtc.com
