Ethereum Price found support near the $3,400 zone. ETH is currently on the rise and may soon be aiming to move to the $3,800 zone.
- Ethereum has begun new increases above the $3,440 and $3,550 levels.
- The price is trading above $3,550, and is a simple moving average of 100 hours.
- ETH/USD’s hourly chart (data feed via Kraken) forms a key bullish trend line with $3,620 support.
- The pair could start a new increase if supported beyond the $3,600 zone in the short term.
Ethereum prices increase
Ethereum prices started with the downside correction from the $3,880 level, like Bitcoin. ETH prices fell below the support levels of $3,750 and $3,500.
Finally, the price fell below $3,400, and the simple 100-hour moving average skyrocketed. We tested the $3,365 support zone. The lows formed at $3,369, and prices are currently rising. There was a move above the $3,450 and $3,500 resistance levels.
Prices surpassed the 50% FIB retracement level, from the $3,877 Swing High to the $3,369 low. Ethereum prices are currently trading above $3,550, a simple moving average of 100 hours. It also forms a key bullish trendline with $3,620 support on ETH/USD hourly charts.
The advantage is that the price could face resistance close to the $3,720 level. The next important resistance is close to the $3,750 level. This is close to the 76.4% FIB retracement level of downward movement, from the $3,877 Swing High to the $3,369 low.
The first major resistance is close to the $3,800 level. A clear move above the $3,800 resistance could potentially send the price towards the $3,880 resistance. An upward break above the $3,880 resistance could require more profits in future sessions. If specified, ether could rise towards a $4,000 resistance zone, or even $4,120.
Another drop in ETH?
If Ethereum fails to clear the $3,750 resistance, it could begin a negative side fix. The initial support for the downside is close to the $3,620 level. The first major support is near the $3,600 zone.
A clear move below $3,600 support could push the price up to $3,550 support. Any further losses could send prices towards a support level of $3,500 in the short term. The following key support is $3,450.
Technical indicators
Timely MACD – ETH/USD’s MACD is gaining momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is over 50 zones.
Key Support Levels – $3,600
Major Resistance Levels – $3,750