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    Ethereum Price Signals Uptrend Continuation But Can Bulls Clear This?


    Ethereum price is attempting a recovery wave above the $3,500 zone. ETH must clear the $3,580 resistance to continue higher in the near term.

    • Ethereum started a decent recovery wave above the $3,350 zone.
    • The price is trading above $3,450 and the 100-hourly Simple Moving Average.
    • There was a break above a short-term bullish flag pattern with resistance at $3,480 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could continue to rise if it settles above the $3,580 resistance zone.

    Ethereum Price Holds Support

    Ethereum price started a decent upward move above the $3,250 and $3,350 resistance levels, like Bitcoin. ETH even surpassed the $3,500 resistance to move into a positive zone.

    A high was formed at $3,587 and there was a minor pullback. The price declined below the $3,500 level and spiked below the 23.6% Fib retracement level of the recovery wave from the $3,059 swing low to the $3,587 high. However, the bulls are active near $3,400.

    Recently, there was a break above a short-term bullish flag pattern with resistance at $3,480 on the hourly chart of ETH/USD. Ethereum price is now trading above $3,500 and the 100-hourly Simple Moving Average.

    Source: ETHUSD on TradingView.com

    On the upside, immediate resistance is near the $3,550 level. The first major resistance is near the $3,580 level. The next key resistance sits at $3,670, 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 $4,000 resistance. Any more gains might call for a test of $4,080.

    Another Decline In ETH?

    If Ethereum fails to clear the $3,580 resistance, it could start another decline. Initial support on the downside is near the $3,410 level.

    The first major support is near the $3,320 zone or the 50% Fib retracement level of the recovery wave from the $3,059 swing low to the $3,587 high. The next key support could be the $3,200 zone. A clear move below the $3,200 support might send the price toward $3,060. Any more losses might send the price toward the $3,000 level.

    Technical Indicators

    Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

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

    Major Support Level – $3,400

    Major Resistance Level – $3,580

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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