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Ethereum To Match Bitcoin's Strength and Surge? Indicators Turn Green

Ethereum To Match Bitcoin’s Strength and Surge? Indicators Turn Green

Ethereum To Match Bitcoin's Strength

Ethereum To Match Bitcoin's Strength

Ethereum price started a decent upward move from the $3,080 support zone. ETH is recovering and might aim for a test of the $3,500 resistance zone.

Ethereum Price Eyes Steady Increase To $3,500

Ethereum price formed a base above the $3,080 support zone. A low is formed at $3,087 and the price started a decent increase above the $3,220 resistance zone, but lagged strength like Bitcoin.

There was a break above a key bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD. The pair was able to clear the 50% Fib retracement level of the downward move from the $3,540 swing high to the $3,087 low.

Ethereum is now trading above $3,250 and the 100-hourly Simple Moving Average. If there are more upsides, the price could face resistance near the $3,375 level or the 61.8% Fib retracement level of the downward move from the $3,540 swing high to the $3,087 low.

Source: ETHUSD on TradingView.com

The first major resistance is near the $3,400 level. The next major hurdle is near the $3,450 level. A close above the $3,450 level might send Ether toward the $3,500 resistance. The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher toward the $3,720 resistance zone in the coming days.

Are Dips Limited In ETH?

If Ethereum fails to clear the $3,400 resistance, it could start a downside correction. Initial support on the downside is near $3,280. The first major support sits near the $3,250 zone.

A clear move below the $3,180 support might push the price toward $3,120. Any more losses might send the price toward the $3,080 support level in the near term. The next key support sits at $3,050.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,250

Major Resistance Level – $3,400

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