The price of Ethereum surged against the US dollar, reaching a new high of $3,500. The price of Ethereum is currently trading in the green, indicating more gains toward $3,700 are possible.
- Ether has re-entered the upward trend after breaking through resistance at $3,500.
- Currently, its price is trading over $3,400, which coincides with the 100-hourly SMA.
- An important bullish trend line is forming with the support located at $3,450 on the ETH/USD hourly chart.
- As long as its price is over the $3,400 level, the pair may continue to advance.
? Rally in the Price of Ethereum Continues
When Ethereum broke through the $3,350 resistance level, it began a steady climb upwards. ETH would be able to rise above the $3,450 mark and the 100-hourly simple moving average on Monday morning.
At one point, it was trading for over $4,000. At $3,539, the price has made a new high and is already retracing its gains. Bitcoin has fallen below the $3,500 mark as a result of this correction. There has been a recent rise from the $3,275 swing low to the $3,339 high, and it’s presently trading near the 23.6% Fib retracement line.
Right now, it’s converging around the $3,480 level. On the hourly chart of ETH/USD, a bullish trend line is also formed with support at $3,450. The $3,500 level will act as an immediate support line. The $3,540 level serves as the first major resistance to overcome.
The $3,550 level will act as major resistance going forward, and if it is broken, the price might surge towards the $3,700 level. Any further increases might set the stage for a more significant rise toward $3,800 level in the coming days.
❓ Are Ethereum Dips Supported?
Ethereum could resume its decline if it cannot get above the $3,540 and $3,550 resistance levels. The $3,450 level may provide some short-term support on the downside.
The $3,400 mark is already emerging as significant support. The current rise from the $3,275 swing low to the $3,339 high is close to the 50% Fibonacci retracement level. A drop to $3,375 and the 100 hourly moving average is possible if the price of ether continues to fall. The $3,320 level may provide strong support going forward.
? Ethereum Price Technical Indicators:
- In the hourly chart of ETH/USD, the MACD indicator has slowed and is now in the bearish zone.
- A look at the ETH/USD hourly relative strength index shows that it is correcting lower toward the 50 level.
- $3,400 is the major level of support.
- $3,550 is a major resistance level to breakthrough.