Ethereum Price Battles at $3,550: Bulls Ready for Another Try?
Ethereum price is still struggling to clear the $3,500 resistance zone. ETH is now consolidating and might make another attempt to clear $3,550.
- Ethereum is consolidating below the $3,550 resistance zone.
- The price is trading above $3,450 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $3,440 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if there is a clear move above the $3,500 resistance zone.
Ethereum Price Holds Gains Above $3,450
Ethereum price remained in a bullish zone above the $3,420 resistance zone. ETH made another attempt to clear the $3,550 resistance zone but failed like Bitcoin. The price reacted to the downside and tested the $3,425 level.
A low is formed near $3,427 and the price is rising. There was a move above the $3,450 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $3,563 swing high to the $3,427 low. There is also a key bullish trend line forming with support at $3,440 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,450 and the 100-hourly Simple Moving Average. If the price stays above the 100-hourly Simple Moving Average, it could attempt a fresh increase. On the upside, the price is facing resistance near the $3,500 level or the 50% Fib retracement level of the downward move from the $3,563 swing high to the $3,427 low.
The first major resistance is near the $3,550 level. The next major hurdle is near the $3,565 level. A close above the $3,565 level might send Ether toward the $3,650 resistance. The next key resistance is near $3,720. An upside break above the $3,720 resistance might send the price higher toward the $3,800 resistance zone in the coming days.
More Losses In ETH?
If Ethereum fails to clear the $3,500 resistance, it could start another pullback. Initial support on the downside is near $3,460. The first major support sits near the $3,440 zone and the trend line.
A clear move below the $3,440 support might push the price toward $3,420. Any more losses might send the price toward the $3,350 support level in the near term. The next key support sits at $3,320.
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 zone.
Major Support Level – $3,440
Major Resistance Level – $3,550
