Ethereum Holds Gains and Prepares for Potential Upside
Ethereum is currently consolidating below the resistance zone of $3,500. However, it is holding onto its gains and showing positive signs for potential further upside. Here are the key points to note:
- Ethereum has formed a base above the $3,350 level and has started another increase.
- The price broke the $3,400 level, indicating more potential for upsides.
- Ethereum is now trading above $3,450 and the 100-hourly Simple Moving Average.
- A key bullish trend line has formed with support at $3,420 on the hourly chart of ETH/USD.
Ethereum Price Remains Supported
After forming a base above the $3,350 level, Ethereum has experienced another increase in price. It successfully broke through the $3,400 level, setting the pace for potential further upsides.
There is also a key bullish trend line that has formed with support at $3,420 on the hourly chart of ETH/USD. This indicates that Ethereum is holding onto its gains and consolidating above this support level.
Ethereum is currently trading above $3,450 and the 100-hourly Simple Moving Average. It is also showing positive signs above the 76.4% Fib retracement level of the downside correction from the swing high of $3,519 to the low of $3,305.
The immediate resistance on the upside is near the $3,500 level. The first major resistance is at around $3,520. If Ethereum manages to break through this resistance level, it might gain bullish momentum and reach the next major resistance near $3,550. The bullsโ next target could be the $3,650 level.
If Ethereum manages to break through the $3,650 resistance, it could potentially rally toward the $3,720 resistance. Further gains might even lead to a test of the $3,800 level.
Are Dips Supported In ETH?
However, if Ethereum fails to clear the $3,520 resistance, it might experience a downside correction. In this case:
- The initial support on the downside is near the $3,420 level and the trend line.
- The first major support is near the $3,400 zone or the 100 hourly SMA.
- The next key support could be found at the $3,350 zone.
If there is a clear move below the $3,350 support, it might send the price towards $3,320. Any further losses could potentially lead to a drop towards the $3,150 level.
Technical Indicators
Here are some key technical indicators for Ethereum:
- Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.
- Hourly RSI: The RSI for ETH/USD is now above the 50 level.
Conclusion: Ethereum Prepares for Potential Upside
Ethereum is currently holding onto its gains and consolidating below the $3,500 resistance zone. It is trading above key support levels and showing positive signs for potential further upsides. However, if it fails to break through the resistance levels, a downside correction might occur. Traders should keep an eye on key support and resistance levels to make informed decisions.
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