Is a move higher coming?

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This article is also available in Spanish.

Ethereum price extended its rally above the $3,650 zone. ETH is consolidating and heading for a up-to-date rally above the resistance at $3,750.

  • Ethereum has started a decent rally above the $3,700 zone.
  • The price is above $3,650 and the 100-hour straightforward moving average.
  • A connecting bullish trendline is forming on the hourly chart of ETH/USD with support at $3,660 (data fed via Kraken).
  • The pair may continue to rise if it breaks the resistance level at $3,750.

Ethereum price rises above $3,700

Ethereum price remained stable above the $3,550 level and, like Bitcoin, continued to move upwards. ETH gained momentum to break above the $3,620 and $3,650 resistance levels.

The bulls managed to break the resistance level at $3,700. This opened the door to a move towards the $3,750 level. The high was reached at $3,742 and the price is currently consolidating its increases. There was a slight drop below the 23.6% Fib retracement level in the up move from the low of $3,593 to the high of $3,742.

Ethereum price is currently trading above $3,660 and the 100-hour straightforward moving average. A connecting bullish trend line is also forming on the hourly chart of ETH/USD with support at $3,660. The trendline is near the 50% Fib retracement level, which is the upward movement from the low of $3,593 to the high of $3,742.

On the downside, the price seems to be facing headwinds near the $3,710 level. The first major resistance is near the $3,750 level. The main resistance is currently formed near $3,780. A clear move above the resistance at $3,780 could push the price towards the resistance at $3,850.

Source: ETHUSD on TradingView.com

An upward break above the resistance at $3,850 could trigger further gains in the coming sessions. In the given case, Ether may rise towards the resistance zone at $3,920 or even $4,000 in the near future.

Another ETH drop?

If Ethereum fails to break through the resistance at $3,750, another decline could begin. Initial downside support is located near the $3,660 level and the trend line. The first major support is located near $3,620.

A clear move below the $3,620 support could push the price towards the $3,550 support. Any further losses could push the price towards the $3,500 support level in the near future. The next key support is at $3,420.

Technical indicators

Hourly MACDMACD for ETH/USD is gaining momentum in the bullish zone.

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

Main support level – USD 3,660

Major resistance level – $3,750

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