Ethereum Rejected at $3.5K – Ascending Trendline to Support Uptrend
Ethereum is breaking through the $3,350 resistance level against the US dollar. The price of ETH may keep rising and may even reach $3,500.
Ethereum is breaking through the $3,350 resistance level against the US dollar. The price of ETH may keep rising and may even reach $3,500. Ethereum is increasing steadily and trading above the $3,350 resistance level. The price is now trading above $3,350 and the 100 hourly simple moving average. On the hourly chart of ETH/USD, a critical contracting triangle is trying to form with resistance near $3,400. If the pair clears the $3,400 and $3,420 resistance levels, it could begin another uptrend.
Ethereum established a base just above the $3,120 support level. ETH began another rise and broke through the $3,250 resistance. In addition, there was a clear move above the $3,350 level, and the price settled above the 100 hourly simple moving average. It reached a new multi-week high of $3,431 and is now consolidating gains. There was a minor decline below $3,400.
The price of ether has fallen below the 23.6 percent Fib retracement level of the recent rise from the $3,130 swing low to the $3,431 high. On the upside, an initial resistance level is near $3,400.
On the hourly chart of ETH/USD, a key contracting triangle is forming with resistance near $3,400. The next significant resistance is located near $3,420. Ether price could begin another surge if there is a clear move above the $3,420 resistance.
A close above the $3,420 level could push the price up to the $3,500 level. Any additional gains may necessitate moving towards the $3,650 resistance zone in the coming sessions.
Dips Accepted in ETH?
If Ethereum fails to start a new uptrend above $3,400, it may begin a downward trend. On the downside, an initial support level is near $3,360. The next major support is around $3,300. It is close to the 50% Fib retracement level of the recent rise from the $3,130 swing low to the $3,431 high.
The main support is near $3,250, and there is a connecting bullish trend line. A break below the $3,250 support level could put much pressure on the bulls. In the scenario above, the price could fall to $3,100. Good luck!
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