Ethereum price is pumping above the $3,550 resistance. ETH is following Bitcoin and might soon rally toward the $4,000 resistance zone.
- Ethereum is gaining pace above the $3,550 resistance zone.
- The price is trading above $3,650 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3,600 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair seems to be setting up for a move toward the $3,850 and $4,000 levels.
Ethereum Price Starts Fresh Surge
Ethereum price extended its rally above the $3,500 level, like Bitcoin. BTC surged and even spiked above the $68,000 level. ETH is showing signs of strength and surging above the $3,650 level.
There was a clear move above the $3,700 level. A new multi-month high is formed at $3,715 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $3,465 swing low to the $3,715 high.
Downside Correction In ETH?
If Ethereum fails to clear the $3,720 resistance, it could start a downside correction. Initial support on the downside is near the $3,650 level.Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,600 Major Resistance Level – $3,720