Ethereum Faces $3,500 Hurdle

Ethereum price remained secure above the $3,400 resistance zone. ETH once more examined $3,500 and appears to be struggling to proceed greater.

• Ethereum is holding good points and struggling close to the $3,500 zone.
• The price is buying and selling above $3,400 and the 100-hourly Easy Shifting Common.
• There’s a key bullish development line forming with help at $3,350 on the hourly chart of ETH/USD (information feed by way of Kraken).
• The pair may proceed to rise if it clears the $3,500 and $3,550 resistance ranges.

Ethereum Worth Faces Key Hurdle, Can It Proceed Larger?

Ethereum price remained in a bullish zone above the $3,350 resistance zone. ETH even climbed above the $3,400 resistance to maneuver additional right into a constructive zone. Nonetheless, the price appears to be going through robust resistance close to the $3,500 zone, in contrast to Bitcoin which surpassed $65,000.

A excessive was shaped at $3,515 and the price is now consolidating good points. The price corrected just a few factors and examined the 23.6% Fib retracement stage of the upward wave from the $3,350 swing low to the $3,515 excessive.

Ethereum is now buying and selling above $3,400 and the 100-hourly Easy Shifting Common. There may be additionally a key bullish development line forming with help at $3,350 on the hourly chart of ETH/USD. On the upside, the price is going through resistance close to the $3,500 stage.

The primary main resistance is close to the $3,520 stage. The subsequent main hurdle is close to the $3,550 stage. An in depth above the $3,550 stage would possibly ship Ether towards the $3,650 resistance.

The subsequent key resistance is close to $3,740. An upside break above the $3,740 resistance would possibly ship the price greater towards the $3,800 resistance zone within the coming days.

Are Dips Supported In ETH?

If Ethereum fails to clear the $3,500 resistance, it may begin a draw back correction. Preliminary help on the draw back is close to $3,420 and the 61.8%  Fib retracement stage of the upward wave from the $3,350 swing low to the $3,515 excessive.

The primary main help sits close to the $3,350 zone and the development line. A transparent transfer under the $3,350 help would possibly push the price towards $3,320. Any extra losses would possibly ship the price towards the $3,250 help stage within the close to time period. The subsequent key help sits at $3,220.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is dropping momentum within the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Main Assist Degree – $3,350

Main Resistance Degree – $3,500