Ethereum price has been consolidating gains above $3,400, showing positive signs that it might soon aim for a move above the $3,500 resistance zone. The price is currently trading above $3,400 and the 100-hourly Simple Moving Average.
A key bullish trend line is forming with support at $3,420 on the hourly chart of ETH/USD, indicating a potential bullish momentum in the near term. The pair seems to be setting up for a move toward the $3,650 and $3,800 levels.
Ethereum price recently formed a base above the $3,350 level and started another increase, following a similar pattern to Bitcoin. The price broke the $3,400 level and made further upsides, surpassing the 50% Fib retracement level of the downside correction from the $3,519 swing high to the $3,305 low.
The bulls are currently active above the $3,420 level, with immediate resistance on the upside near the $3,500 level. The first major resistance is at $3,520, followed by $3,550, which could potentially lead to a bullish momentum if surpassed. The next stop for the bulls might be near the $3,650 level.
If Ethereum manages to move above the $3,650 resistance, it could even rally toward the $3,720 resistance, with further gains potentially testing $3,800. However, if the price fails to clear the $3,520 resistance, a downside correction could be expected. Initial support on the downside is near the $3,420 level and the trend line, followed by the $3,400 zone or the 100 hourly SMA. The next key support could be at the $3,350 zone, with a clear move below potentially leading to a test of $3,320. Further losses might drive the price down to the $3,150 level.
The hourly MACD for ETH/USD is gaining momentum in the bullish zone, indicating a potential uptrend. The hourly RSI is now above the 50 level, further supporting the bullish sentiment.
Ethereum price is currently consolidating above $3,400 with bullish signs of aiming for a move above $3,500. The formation of a key bullish trend line and resistance levels at $3,520 and $3,550 play a crucial role in determining the future movements of Ethereum price. Traders and investors are advised to conduct their own research and use the information provided at their own risk.