Ethereum extended its rally towards the $ 3,650 level against the US dollar. ETH price corrects gains, but the dips are likely to remain limited below $ 3,500.

  • Ethereum began another spike above the USD 3,600 resistance level.
  • The price is now trading above $ 3,500 and the 100-hour simple moving average.
  • The ETH / USD hourly chart (data feed on Kraken) broke below a shrinking triangle with support near USD 3,580.
  • The pair could start rising again as long as it stays above the $ 3,500 mark.

Ethereum pricing continues to be supported

Ethereum remained in a positive zone above the USD 3,500 resistance zone. ETH climbed above the $ 3,600 mark and the 100-hour simple moving average.

The price even surged above the $ 3,600 mark, but there was no continuation upward. Ether was trading as high as $ 3,652 before a downward correction set in. There was a break below the $ 3,600 mark. The price traded below the 23.6% fib retracement level of the move up from the low of $ 3,343 to the high of $ 3,652.

There was also a break below a contracting triangle with support near $ 3,580 on the ETH / USD hourly chart. The price is now consolidating near the $ 3,550 level. Immediate resistance to the upside is near the $ 3,580 level. The first major resistance is near the $ 3,600 mark.

Source: ETHUSD on TradingView.com

The next major resistance is near the $ 3,650 level, above which the price could accelerate upward. In the named case, the price could potentially soar towards the $ 3,700 mark. The next major resistance could be at $ 3,800. Further gains could move the price towards the $ 3,880 level.

Dips Limited at ETH?

If Ethereum fails to rise above the $ 3,600 and $ 3,650 resistance levels, it could prolong its decline. Initial support on the downside is near $ 3,550.

The first major support is now forming near the $ 3,500 mark and the 100-hour simple moving average. It is near the 50% Fib retracement level of the move up from the low of $ 3,343 to the high of $ 3,652. Further losses could push the ether price towards the USD 3,450 support zone.

Technical indicators

Hourly MACDThe MACD for ETH / USD is slowly moving in the bearish zone.

Hourly RSIThe RSI for ETH / USD is now below the 50 mark.

Great level of support – $ 3,500

Great resistance level – $ 3,650

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