Ethereum price maintains gains above the $3,500 zone. ETH is consolidating and may soon seek a move above the $3,600 resistance zone.

• Ethereum started a downward correction from the $3,685 zone.
• The price is holding above $3,520 and the 100-hour basic moving average.
• A connecting bearish trend line is forming on the hourly chart of ETH/USD with resistance at $3,600 (data fed via Kraken).
• The pair may resume its gains if it clears the $3,600 zone.

Ethereum price is seeing a fresh surge

Ethereum price stayed above $3,250 and started a fresh rally, beating Bitcoin. ETH was able to break above the resistance levels at $3,500 and $3,550.

The bulls pushed the price above the $3,650 level. The high has formed at $3,688 and the price has recently corrected some gains. There was a slight decline below the $3,650 and $3,620 levels. The price fell below the 23.6% Fib retracement level of the rising wave from a low of $3,255 to a high of $3,688.

Ethereum price is currently trading above $3,520 and the 100-hour basic moving average. On the other hand, the price seems to be facing some headwinds near the $3,600 level. A connecting bearish trend line is also forming on the hourly chart of ETH/USD with resistance at $3,600.

The first major resistance is near the $3,650 level. The main resistance is currently forming near $3,680. A clear move above the resistance at $3,680 could push the price towards the resistance at $3,750. An upward break above the resistance at $3,750 could trigger further gains in the coming sessions. In the given case, Ether may rise towards the resistance zone at USD 3,880 or even USD 3,920.

More ETH losses?

If Ethereum fails to break the resistance at $3,650, another decline could begin. Initial downside support is near the $3,540 level. The first major support is located near the $3,500 zone.

A clear move below the support at $3,500 could push the price towards the 50% Fib retracement level in an upward move from a low of $3,254 to a high of $3,688 at $3,470. Any further losses could push the price towards the $3,400 support level in the near future. The next key support is at $3,350.

Technical indicators

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

Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.

Main support level – USD 3,540

Major resistance level – $3,650