Ethereum Price Strengthens Base: A Springboard for More Gains?

Ethereum price is holding gains above the $3,500 zone. ETH is consolidating and might soon aim for a move above the $3,600 resistance zone.Ethereum started a downside correction from the $3,685 zone.The price is trading above $3,520 and the 100-hourly Simple Moving Average.There is a connecting bearish trend line forming with resistance at $3,600 on the hourly chart of ETH/USD (data feed via Kraken).The pair could restart its increase if it clears the $3,600 zone.Ethereum Price Eyes Fresh SurgeEthereum price remained supported above $3,250 and started a fresh increase beating Bitcoin. ETH was able to surpass the $3,500 and $3,550 resistance levels.The bulls pumped the price above the $3,650 level. A high was formed at $3,688 and the price recently corrected some gains. There was a minor decline below the $3,650 and $3,620 levels. The price dipped below the 23.6% Fib retracement level of the upward wave from the $3,255 swing low to the $3,688 high.Ethereum price is now trading above $3,520 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,600 level. There is also a connecting bearish trend line forming with resistance at $3,600 on the hourly chart of ETH/USD.The first major resistance is near the $3,650 level. The main resistance is now forming near $3,680. A clear move above the $3,680 resistance might send the price toward the $3,750 resistance. An upside break above the $3,750 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,880 resistance zone or even $3,920.More Losses In ETH?If Ethereum fails to clear the $3,650 resistance, it could start another decline. Initial support on the downside is near the $3,540 level. The first major support sits near the $3,500 zone.A clear move below the $3,500 support might push the price toward the 50% Fib retracement level of the upward move from the $3,254 swing low to the $3,688 high at $3,470. Any more losses might send the price toward the $3,400 support level in the near term. The next key support sits at $3,350.Technical IndicatorsHourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.Hourly RSI – The RSI for ETH/USD is now above the 50 zone.Major Support Level – $3,540Major Resistance Level – $3,650Weiter zum vollständigen Artikel bei NewsBTC Weiter zum vollständigen Artikel bei NewsBTC