Ethereum price has started a up-to-date rise from the $3,365 zone. ETH has outperformed Bitcoin and may be aiming for a move towards the $3,800 resistance zone.

• Ethereum has started a recovery after bulls appeared near the $3,365 zone.
• The price is above $3,550 and the 100-hour plain moving average.
• On the hourly chart, ETH/USD (data via Kraken) saw a break above a key bearish trend line with resistance near $3,550.
• The pair could expand gains if it holds above the $3,550 pivot level.

Ethereum price surpasses Bitcoin

Ethereum price extended losses below the $3,550 and $3,500 resistance levels. However, ETH bulls have taken a robust stance near the $3,350 zone. The low formed at $3,364 and the price began a up-to-date rally, surpassing Bitcoin.

There was a move above the resistance levels at $3,450 and $3,550. On the hourly chart, ETH/USD has broken above a key bearish trend line with resistance near $3,550. The pair even climbed above the $3,600 level and tested the resistance at $3,650.

The high reached $3,649 before falling below $3,620. The price fell below the support level at $3,600 and the 23.6% Fib retracement level in an upward move from a low of $3,364 to a high of $3,649.

Ethereum is currently trading above $3,550 and the 100-hour plain moving average. If a up-to-date rally occurs, the price may face resistance near the $3,620 level.

The first major resistance is near the $3,650 level. An upward break above the resistance at $3,650 could trigger a rally in the price. The next key resistance is at $3,720, above which the price may gain strength and rise to $3,800.

A clear move above the $3,800 level could push Ether towards the $3,880 resistance level. Any further gains could push Ether towards the $3,950 resistance zone.

Are ETH declines narrow?

If Ethereum does not break the resistance at $3,620, it may continue to decline. Initial support on the downside is near $3,550. The first major support is located at $3,500 and the 50% Fib retracement level, representing an upward move from a low of $3,364 to a high of $3,649.

A clear move below the support at $3,500 could push the price towards $3,420. Larger losses could push the price towards the $3,365 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 currently trading near the 50 zone.

Main support level – USD 3,550

Major resistance level – $3,650