Early trading ether analysis:
Ethereum price maintains upward trend
Ethereum price started rising again above the $3,500 resistance zone. ETH bulls were able to push the price into the positive zone above $3,580, just like Bitcoin.
ETH climbed above the $3,650 resistance zone. A high of $3,680 was formed before the price started a downside correction. It fell slightly below $3,600. The price fell below the 23.6% Fib retracement level of the upward move from the $3,302 swing low to $3,680 high.
Ethereum is currently 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.
On the upside, immediate resistance lies near $3,640. The first major resistance level is near $3,680. The next key resistance is $3,720, above which the price is likely to gain bullish momentum.
In the above scenario, Ethereum could rise towards $3,800 levels. If there is a break above the $3,800 resistance, Ethereum may even climb towards the $3,880 resistance. Any more gains may require a test of $4,000.
Does ETH support a decline?
If Ethereum fails to break above the $3,640 resistance, it could start another decline. Initial support on the downside lies near the $3,590 level and trendline.
The first major support is located near the $3,550 area.
The next key support is likely to be the $3,500 area or the 50% Fib retracement level of the upward move from the $3,302 swing low to $3,680 high. A clear break below the $3,500 support could push the price towards $3,390. If more losses occur, the price could rise towards 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 currently above the 50 level.
Major Support Level – $3,590
Major Resistance – $3,680
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