Ethereum poised for a new launch, why ETH could test $3,750
Ethereum held steady above the $3,400 level against the US dollar. ETH price is moving up and looking for an upward breach above the $3,550 resistance zone.
Ethereum started another hike after it tested the $3,400 support zone. The price is now trading above $3,500 and the 100 hourly simple moving average. A connecting bearish trendline is forming with resistance near USD 3,530 on the ETH/USD hourly chart (data feed via Kraken). The pair could start a steady rise if it clears the trendline and USD 3,550.
Ethereum price Eyes upside down
Ethereum extended its decline below the $3,440 level. However, ETH bulls protected another downward breach below the $3,400 support. The bulls were also active near the 50% Fib retracement level from the key rise from the $3,215 swing low to $3,580 high.
It appears that a double bottom pattern was formed near $3,400 and the price started moving up again. There was a move above the $3,500 level and the 100 hourly simple moving average.
The price is now facing resistance near the USD 3,525 level. A connecting bearish trendline is also forming with resistance near USD 3,530 on the ETH/USD hourly chart. The next major resistance is near the $3,580 level. If ether price clears the $3,580 resistance zone, it could trigger a big rise.
Source: ETHUSD on TradingView.com
In the mentioned case, the price could rise above the $3,600 zone. The next big stop for the bulls on the upside may be $3,750 in the near term.
Dips limited in ETH?
If ethereum fails to start a fresh rise above the $3,580 level, it could trigger another downside correction. An initial downward support is near the $3,450 zone and the 100 hourly simple moving average.
The next major support is near the $3,400 level. If there is a downside break below the $3,400 support, the price could test $3,350. It is near the 61.8% Fib retracement level from the key rise in the swing low from USD 3,215 to USD 3,580 high. Even more losses may set the pace for a move towards the $3,220 support zone.
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,400
Major Resistance Level – $3,580