The price of Ethereum has started to rise again from $3,365. ETH is outperforming Bitcoin, and could aim to move towards the $3800 resistance level.
- Ethereum recovered after bulls began to show up near the $3.365 zone.
- Price is above the Simple Moving Average of 100 hours and $3,550.
- On the chart hourly of ETH/USD, there was a breakout above a bearish key trend line. The resistance is near $3.550 (data via Kraken).
- If the pair stays above $3,550 as its pivot point it could continue to gain.
Ethereum Price outperforms Bitcoin
Ethereum extended its losses below $3,550 and $3,500 resistance levels. ETH bulls, however, took a stand in the area around $3,350. The price began a new increase after forming a low at the $3,364 mark. Bitcoin.
A move was made above the $3.450 and $3.550 resistance levels. On the hourly chart for ETH/USD, there was a breakout above a bearish trendline with resistance at $3.550. Even though the pair climbed over $3,600, it tested $3,650.
Before the pullback, a high of $3,649 was reached. Price fell below $3,600 and 23.6% Fib level of upward movement from $3,364 swing-low to $3,649 peak.
Ethereum now trades above the Simple Moving Average of 100 hours and $3,550. The price could face resistance at $3,620 if there’s a new increase.
A break above the $3.650 resistance could send prices higher. The price could rise if the resistance level of $3,650 is broken. A break above the $3,650 resistance could send the price higher. next The key resistance is $3,720. Above this level, the price could gain momentum and climb to the $3,800 mark.
Ether could be pushed towards the $3.880 barrier if it moves above $3.800. Ether could reach the $3.950 zone if it gains any more.
What is the maximum amount of ETH that you can dip?
Ethereum could fall further if it fails to break through the $3.620 resistance. Near $3,550 is the first support to the downside. First major support at $3.500, and 50% Fib level of upward movement from $3.364 swing-low to $3.649 high.
Any further losses could push the price to $3.420. In the short term, any further losses could push the price to the $3.365 level.
Technical Indicators
The Hourly MACD – The MACD of ETH/USD has lost momentum and is now in a bullish area.
Hourly RSI – The RSI (Relative Strength Index) for ETH/USD now hovers near 50.
Major Support Level – $3,550
Major Resistance Level – $3,650
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Source: www.newsbtc.com