Ethereum Price May Have Another Chance For A Bullish Streak: Here’s How

Ethereum price is showing positive signs above the $3,550 zone. ETH must clear the $3,680 resistance to continue higher in the near term.

• Ethereum started another increase above the $3,550 resistance zone.
• The price is trading above $3,550 and the 100-hourly Simple Moving Average.
• There is a major bullish trend line forming with support at $3,590 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to rise if it settles above the $3,680 resistance zone.

Ethereum price started another increase above the $3,500 resistance zone. ETH bulls were able to push the price in a positive zone above the $3,580 level, like Bitcoin.

ETH climbed above the $3,650 resistance zone. A high was formed at $3,680 before the price started a downside correction. There was a minor decline below the $3,600 level. The price declined below the 23.6% Fib retracement level of the upward move from the $3,302 swing low to the $3,680 high.

Ethereum is now trading above $3,580 and the 100-hourly Simple Moving Average. There is also a major bullish trend line forming with support at $3,590 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

On the upside, immediate resistance is near the $3,640 level. The first major resistance is near the $3,680 level. The next key resistance sits at $3,720, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,800 level. If there is a move above the $3,800 resistance, Ethereum could even climb toward the $3,880 resistance. Any more gains might call for a test of $4,000.

If Ethereum fails to clear the $3,640 resistance, it could start another decline. Initial support on the downside is near the $3,590 level and the trend line.

The first major support is near the $3,550 zone. The next key support could be the $3,500 zone or the 50% Fib retracement level of the upward move from the $3,302 swing low to the $3,680 high. A clear move below the $3,500 support might send the price toward $3,390. Any more losses might send the price toward the $3,250 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

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

Major Support Level – $3,590

Major Resistance Level – $3,680