The price of Ethereum has started to rise again from $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.
- The 100-hour Simple Moving average and price are both above $3450.
- A break was seen above the key bearish line near $3.460 in the hourly chart for ETH/USD. (Data feed from Kraken).
- This pair has formed a double bottom pattern, and is now moving above $3500.
Ethereum price holds key support
The Ethereum price was well above $3,350. ETH started a rise after forming a base near $3350.
The product outperformed Bitcoin The $3,450 barrier was broken. A clear movement above the Fib 50% retracement of the downward trend from the $3.650 swing low to the $3.350 low was evident. A break was also made above the key trend line that is a bearish one with resistance around $3,460.
Ethereum now trades above $3.450 100-hourly Simple Moving Average. The price is showing signs of further gains over the $3 535 mark. Price could find resistance at the $3.580 level, or 76.4% of the Fib retracement from the drop between the $3.650 swing low and the $3.350 low.
First major resistance near $3,650. 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 $3.750 level.
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 could begin a new decline if it fails to break through the $3.580 resistance. 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. In the short term, any further losses could push the price to the $3.220 level.
Indicators of Technical Efficiency
Hourly MACD – The MACD of ETH/USD has gained momentum and is now in a bullish area.
Hourly RSI – The RSI of ETH/USD has now risen above 50.
Major Support Level – $3,450
Major Resistance Level – $3,580
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Source: www.newsbtc.com