Ethereum price remained stable above the $3,400 resistance zone. ETH has retested $3,500 and seems to be struggling to continue its upward trend.

• Ethereum maintains gains and fights to stay around USD 3,500.
• The price remains above $3,400 and the 100-hour plain moving average.
• On the hourly chart of the ETH/USD pair (data via Kraken), a key uptrend line is forming with support at $3,350.
• The pair could continue to rally if it breaks through the $3,500 and $3,550 resistance levels.

Ethereum Price Hits Major Hurdle: Can It Continue Rising?

Ethereum price remained in a bullish zone above the $3,350 resistance zone. ETH even climbed above the $3,400 resistance to move further into the positive zone. However, the price seems to be facing forceful resistance near the $3,500 zone, unlike Bitcoin which crossed $65,000.

A high was formed at $3515 and the price is currently consolidating gains. The price corrected a few points and tested the 23.6% Fibonacci retracement level of the uptrend from the $3350 swing low to the $3515 high.

Ethereum is now trading above $3,400 and the 100-hour plain moving average. There is also a key bullish trendline forming with support at $3,350 on the ETH/USD hourly chart. On the other hand, the price is encountering resistance near the $3,500 level.

The first major resistance is near the $3,520 level. The next major obstacle is near the $3,550 level. A close above the $3,550 level could send Ether towards the $3,650 resistance.

The next key resistance is near $3,740. A break of the $3,740 resistance could see the price rally towards the $3,800 resistance zone in the coming days.

Are DIPs supported in ETH?

If Ethereum fails to break through the $3,500 resistance, it could begin a downside correction. Initial support on the downside is found near $3,420 and the 61.8% Fibonacci retracement level of the uptrend from the $3,350 swing low to the $3,515 peak.

The first major support is near the $3350 zone and trendline. A clear move below the $3350 support could push the price towards $3320. Any further losses could send the price towards the $3250 support level in the near future. The next key support is at $3220.

Technical indicators

Hourly MACD – MACD for ETH/USD is losing momentum in the growth zone.

Hourly RSI – The RSI indicator for the ETH/USD pair has already exceeded the level of 50.

Major Support Level – $3,350

Main resistance level – $3,500