- Ethereum price is moving higher above the $3,500 resistance against the US Dollar.
- ETH price is now trading above $3,550 and the 55 simple moving average (4 hours).
- There was a break above a key rising channel with resistance at $3,440 on the 4-hour chart (data feed from Coinbase).
- The pair could climb further if it stays above the $3,500 support zone.
Ethereum price is rising above the $3,550 level against the US Dollar. ETH/USD could rise further if it clears the $3,720 resistance zone.
Ethereum Price Analysis
In the past few sessions, Ethereum saw a decent increase above the $3,420 level against the US Dollar. ETH price was able to gain pace for a move above the $3,500 level and the 55 simple moving average (4 hours).
There was a break above a key rising channel with resistance at $3,440 on the 4-hour chart. The bulls even pushed the price above the $3,650 resistance zone. A high is formed near $3,729 and the price is now consolidating gains. It is trading above the $3,650 level.
It is also above the 23.6% Fib retracement level of the upward wave from the $3,210 swing low to the $3,729 high. Ether price is showing positive signs above $3,650 and the 55 simple moving average (4 hours).
Immediate resistance on the upside is near the $3,720 level. The next major resistance is near the $3,750 zone. A clear move above the $3,750 level could send the price toward $3,880. Any more gains could even send the price toward the $4,000 resistance zone or $4,050 in the near term.
On the downside, initial support is near the $3,600 level. The next major support is now near the $3,550 level, below which the price might test the 50% Fib retracement level of the upward wave from the $3,210 swing low to the $3,729 high at $3,470.
A break below the $3,470 support could push the price to $3,400. Any more losses could lead the price towards $3,320.
Looking at the chart, Ethereum’s price is trading above the $3,650 zone and the 55 simple moving average (4 hours). Overall, Ether’s price could climb further if it stays above the $3,500 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $3,600, followed by the $3,550 zone.
Key Resistance$ Levels – $3,720 and $3,880.
