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Ethereum worth is signaling constructive strikes above the $3,550 zone. ETH might acquire bullish momentum if it clears the $3,650 resistance zone within the close to time period.

• Ethereum began one other enhance from the $3,500 assist zone.
• The worth is buying and selling above $3,550 and the 100-hourly Simple Moving Average.
• There is a key bullish pattern line forming with assist at $3,550 on the hourly chart of ETH/USD (information feed by way of Kraken).
• The pair might acquire bullish momentum if it settles above the $3,650 resistance zone.

Ethereum Price Could Accelerate Higher

Ethereum worth remained sturdy above the $3,500 zone. ETH fashioned a base and just lately began a contemporary enhance above the $3,600 resistance zone, like Bitcoin.

However, the bears are nonetheless energetic close to the $3,650 and $3,680 resistance levels. A excessive was fashioned close to $3,654 and the worth is now consolidating positive factors. It moved a number of factors decrease and traded beneath the 23.6% Fib retracement stage of the upward transfer from the $3,491 swing low to the $3,654 excessive.

Ethereum continues to be buying and selling above $3,550 and the 100-hourly Simple Moving Average. There can be a key bullish pattern line forming with assist at $3,550 on the hourly chart of ETH/USD. The pattern line is near the 61.8% Fib retracement stage of the upward transfer from the $3,491 swing low to the $3,654 excessive.

Source: ETHUSD on TradingView.com

On the upside, rapid resistance is close to the $3,630 stage. The first main resistance is close to the $3,650 stage. The subsequent key resistance sits at $3,680, above which the worth would possibly acquire bullish momentum. In the acknowledged case, Ether might rally towards the $3,800 stage. If there’s a transfer above the $3,800 resistance, Ethereum might even climb towards the $3,880 resistance. Any extra positive factors would possibly name for a check of $4,000.

Are Dips Limited In ETH?

If Ethereum fails to clear the $3,650 resistance, it might begin one other decline. Initial assist on the draw back is close to the $3,600 stage.

The first main assist is close to the $3,575 zone. The subsequent key assist might be the $3,550 zone and the pattern line. A transparent transfer beneath the $3,550 assist would possibly ship the worth towards $3,440. Any extra losses would possibly ship the worth towards the $3,320 stage.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is dropping momentum within the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 stage.

Major Support Level – $3,550

Major Resistance Level – $3,650

Disclaimer: The article is supplied for academic functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your individual analysis earlier than making any funding selections. Use data supplied on this web site totally at your individual threat.