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Ethereum price extended its rise above the $3,650 area. ETH is consolidating and aiming for a new high above the $3,750 resistance.
- Ethereum started a decent recovery wave above the $3,700 area.
- The price is trading above $3,650 and the 100-hourly Simple Moving Average.
- There is a connecting trend line forming with support at $3,660 on the ETH/USD hourly chart (data feed via Kraken).
- This pair can continue to rise if it clears the resistance level of $3,750.
Ethereum Price Rises Above $3,700
The price of Ethereum remained stable above the $3,550 level and extended its ascent as high as Bitcoin. ETH gained momentum to move above the $3,620 and $3,650 resistance levels.
The bulls managed to break the $3,700 resistance level. It opened the doors to the $3,750 level. The top was built for $3,742 and the price now includes benefits. There was a slight decline below the 23.6% Fib retracement level of the upward move from the swing low of $3,593 to the high of $3,742.
Ethereum price is now trading above $3,660 and the 100-hour Simple Moving Average. There is also a connecting bullish line forming with support at $3,660 on the ETH/USD hourly chart. The trend line is near the 50% Fib retracement level of the upside from the $3,593 low to $3,742 high.
On the other hand, the price seems to be facing obstacles near the $3,710 level. The first major resistance is near the $3,750 level. The main resistance is now around $3,780. A clear move above the $3,780 resistance could send the price to the $3,850 resistance.
An upside break above the $3,850 resistance could call for further gains in the coming sessions. In the mentioned case, Ether can rise to the resistance area of ​​$3,920 or even $4,000 in the near term.
Another Drop in ETH?
If Ethereum fails to clear the $3,750 resistance, it could start another decline. The first support on the downside is near the $3,660 level and the trend line. The first major support sits near $3,620.
A clear move below the $3,620 support could push the price to the $3,550 support. Another loss could send the price to the $3,500 support level in the near term. The next key support remains at $3,420.
Technical References
MACD per hour – MACD of ETH/USD is gaining momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,660
Major Resistance Level – $3,750