The exchange rate of Ethereum against the US dollar began to consolidate above US$3,700. ETH price found support above the $3,700 level and may continue to rise above the $3,850 resistance level.
- Ethereum started a downward correction from the resistance level of $3,850.
- The price is now well above $3,700 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (through data provided by Kraken), a major bullish trend line is formed, and the support level is around 3,680 USD.
- The currency pair may be traded within a range and may further rise to above 3,850 US dollars.
Ethereum price keeps rising
Ethereum accelerated and broke USD 3,800 resistanceBefore the start of the downward correction, the trading price of ETH was as high as $3,843.
It fell below the level of 3,800 US dollars. The price of Ether fell from a swing low of $3,520 to a high of $3,840, breaking below the 23.6% Fibonacci retracement level of the rising wave. It tested the $3,700 support area, and the bulls emerged and protected more downside.
On the hourly chart of ETH/USD, there is also a major bullish trend line formed, and the support level is around 3,680 USD. The price of Ether is now consolidating around US$3,800. Its transaction price is also much higher than $3,720, 100 hour simple moving average.
Source: ETHUSD on TradingView.com
The immediate upside resistance is near $3,820. The first major resistance is near the $3,850 level. Appropriate movement to above 3,850 USD may move upward again. The next major resistance is near $4,000.
Dips limited to ETH?
If Ethereum fails to continue to rise above the resistance levels of $3,820 and $3,850, it may begin a downward correction. The immediate downside support is near $3,720. The next major support is forming near the $3,700 level. The trend line support of $3,680 is also important.
It is close to the 50% Fibonacci retracement level of the upward wave from the swing low of $3,520 to the high of $3,840. A break below the USD 3,680 support area may further push prices down. Under the above circumstances, the price may fall to the level of US$3,600 in a short period of time.
MACD per hour —— The MACD of ETH/USD is slowly rising in the bullish zone.
RSI per hour —— The RSI for ETH/USD is now above the 50 level.
Main support level-3,680 USD
Main resistance-3,850 USD