Altcoins
What’s next for the altcoin giant?
Ethereum Faces $3,500 Hurdle
Ethereum price remained stable above the $3,400 resistance zone. ETH retested $3,500 and seems to be struggling to continue higher.
- Ethereum holds onto gains and struggles to get closer to the $3,500 area.
- Price is trading above $3,400 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $3,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue higher if it breaks the $3,500 and $3,550 resistance levels.
Ethereum Price Faces Major Hurdle, Can It Continue to Rise?
Ethereum price remained in a bullish zone above the $3,350 resistance area. ETH even climbed above the $3,400 resistance to move further into a positive zone. However, the price seems to be facing a strong resistance near the $3,500 area, unlike Bitcoin which exceeded $65,000.
A high was formed at $3,515 and the price is now consolidating. earningsThe price corrected a few points and tested the 23.6% Fibonacci retracement level of the upward wave from the $3,350 low to $3,515 high.
Ethereum is now trading above $3,400 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $3,350 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $3,500 level.
The first major resistance is near the $3,520 level. The next major hurdle is near the $3,550 level. A close above the $3,550 level could send Ether towards the $3,650 resistance.
The next key resistance lies near $3,740. An upside break above the $3,740 resistance could push the price towards the $3,800 resistance zone in the coming days.
Are dips supported in ETH?
If Ethereum fails to clear the $3,500 resistance, it could start a downward correction. Initial support on the downside lies near $3,420 and the 61.8% Fibonacci retracement level of the upward wave from the $3,350 low to $3,515 high.
The first major support lies near the $3,350 area and the trend line. A clear move below the $3,350 support could push the price towards $3,320. Any further losses could send the price towards the $3,250 support level in the near term. The next key support lies at $3,220.
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 – $3,350
Major Resistance Level – $3,500