Ethereum Remains In Uptrend, Why ETH Could Surpass $3,600

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Ethereum gained speed above the $ 3,500 resistance against the US dollar. ETH price is consolidating and could see more gains above the $ 3,550 resistance.

  • Ethereum started fresh growth after removing the $ 3,450 resistance.
  • The price is now trading above $ 3,500 and the 100 hour simple moving average.
  • There is a key rising channel forming with support near $ 3,455 on the ETH / USD hourly chart (data via Kraken).
  • The pair could start another rise if it manages to stay above the $ 3,400 support zone.

Ethereum Price Eyes More Earnings

Ethereum remained well offered above the pivotal level of $ 3,400. ETH formed a base and began a recent rise above the $ 3,450 resistance zone.

There was a clear move above the $ 3,500 level and the 100-hour simple moving average. The price even rose above the $ 3,550 level and traded up to $ 3,580. The price is now correcting lower and consolidating near the $ 3,500 level.

There was a move below the 23.6% Fib-rich level of the upward move from the $ 3,215 swing low to $ 3,580 high. However, ether is stable above the $ 3,480 level.

There is also a key rising channel developing with support near $ 3,455 on the ETH / USD hourly chart. On the upside, the price is facing resistance near the $ 3,525 level. The next major resistance is near the $ 3,575 level. Ether price must remove the resistance of $ 3,575 to start new growth.

Ethereum Price

Source: ETHUSD on TradingView.com

In the stated case, the price could even exceed $ 3,600. The next major stop for the bulls at the top may be $ 3,680.

Soaks Supported in ETH?

If ethereum fails to start fresh growth above the $ 3,525 level, it could continue to move down. Initial support at the downside is near the $ 3,500 zone.

The next major support is near the $ 3,425 level and the 100 hour simple moving average. The main support is near the $ 3,400 zone or the 50% Fib retracement level of the upward move from the $ 3,215 swing low to $ 3,580 high. A lower break below the $ 3,400 support zone could push the price to the $ 3,220 level.

Technical Indicators

MACD timeThe MACD for ETH / USD is slowly losing momentum in the bullish zone.

RSI timeThe RSI for ETH / USD is now above the 50 level.

Significant Support Level – $ 3,400

Serious Resistance Level – $ 3,575

Source

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