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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.
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 MACD – MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Main support level – USD 3,660
Major resistance level – $3,750