ETH Price Analysis: Ethereum Continues Uptrend above $3,550
As an Ethereum investor, you will be pleased to note that the price of ETH has seen another increase, surpassing the critical $3,550 resistance level. Here are the key takeaways from the current ETH price analysis:
- Ethereum is trading above $3,550 and the 100-hourly Simple Moving Average.
- A major bullish trend line is forming with support at $3,590 on the hourly ETH/USD chart.
- The pair could potentially continue its upward trajectory if it manages to settle above the $3,680 resistance zone.
Ethereum Price Remains in the Uptrend
The price of Ethereum has recorded another uptick above the $3,500 resistance zone, thanks to bullish momentum. ETH bulls successfully propelled the price above $3,580, mirroring the movement of Bitcoin.
After surpassing the $3,650 resistance zone, ETH hit a high of $3,680 before experiencing a minor downward correction. This correction led to a dip below the $3,600 level, retracing 23.6% of the upward move from the $3,302 swing low to the $3,680 high.
Currently, Ethereum is trading above $3,580 and the 100-hourly Simple Moving Average, indicating a positive trend. Additionally, a major bullish trend line is forming with support at $3,590 on the ETH/USD hourly chart.
Resistance and Support Levels for Ethereum
On the upside, immediate resistance for Ethereum is situated near the $3,640 level, with major resistance at $3,680. Further key resistance levels include $3,720 and potentially $3,800, signaling a possible bullish momentum for ETH. In the event of a sustained uptrend, Ethereum could target the $3,800 and $3,880 resistance levels, with a potential break above leading to a test of $4,000.
Are Dips Supported in ETH?
In the scenario where Ethereum fails to break above the $3,640 resistance level, it may undergo another downward correction. Initial support can be found near $3,590 and the established bullish trend line.
The first major support level is at $3,550, followed by potential support at $3,500 or the 50% Fibonacci retracement level of the recent upward movement. A breach below $3,500 could lead to a further decline towards $3,390 and even $3,250.
Technical Indicators for Ethereum
Key technical indicators for Ethereumโs price movement include:
- Hourly MACD: The MACD for ETH/USD is currently showing signs of weakening momentum in the bullish zone.
- Hourly RSI: The RSI for ETH/USD is above the 50 level, indicating a positive sentiment among investors.
Keep an eye on the major support level at $3,590 and the significant resistance level at $3,680 as potential points of reversal for Ethereumโs price trajectory.
Hot Take: Closing Thoughts for Ethereum Investors
Considering the ongoing uptrend and key resistance levels, Ethereum appears to have a favorable outlook in the near term. Whether it can sustain its momentum above the $3,680 level remains to be seen, but the current indicators suggest a positive sentiment among investors. Stay informed and monitor the support and resistance levels closely to make informed decisions regarding your Ethereum holdings.
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