Ethereum’s price surged by more than 20% as ETH ETF hopes surged. ETH broke many obstacles and even crossed the resistance zone at $3,500.
- Ethereum initiated a recent rally and cleared the resistance zone at $3,500.
- The price is above $3,600 and the 100-hour basic moving average.
- A short-term upward channel is forming on the hourly chart of ETH/USD (data intake via Kraken) with support at USD 3,640.
- The pair may continue to rise unless there is a close below the $3,400 support.
Ethereum price starts a recent upward trend
Ethereum price formed a base and rose above the $3,200 resistance zone. ETF hopes have increased with the SEC’s latest move. The trade benefited from the recent move, resulting in a powerful upward move above the $3,350 resistance zone.
It overtook Bitcoin and gained over 20%. There was a powerful move above the resistance zone at $3,500. The stock hit a recent weekly high of $3,721 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from a low of $3,067 to a high of $3,721.
Ethereum is currently trading above $3,600 and the 100-hour basic moving average. There is also a short-term upward channel with support at $3,640 on the ETH/USD hourly chart.
Immediate resistance is near the $3,700 level. The first major resistance is near the $3,720 level. An upward break above the resistance at $3,720 could result in a price rally.
The next key resistance is at $3,800, above which the price may gain strength and rise to $3,880. If there is a clear move above the $3,880 level, the price could move higher and test the resistance at $3,950. Any further gains could push Ether towards the $4,000 resistance zone.
Are dips attractive in ETH?
If Ethereum fails to overcome the resistance at $3,720, it may begin a downward correction. Initial downside support is located near the $3,640 level and the channel zone.
The next major support is near the $3,600 zone. A clear move below the support at $3,600 could push the price towards $3,500. Larger losses could push the price towards the $3,400 level in the near future.
Technical indicators
Hourly MACD – MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now correcting from the 85 zone.
Main support level – USD 3,600
Major resistance level – $3,720
