Ethereum price started a fresh increase from the $3,365 zone. ETH outperformed Bitcoin and might aim for a move toward the $3,800 resistance zone.
- Ethereum started a recovery after the bulls appeared near the $3,365 zone.
- The price is trading above $3,550 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance near $3,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend gains if it stays above the $3,550 pivot level.
Ethereum Price Outperforms Bitcoin
Ethereum price extended losses below $3,550 and $3,500 resistance levels. However, ETH bulls took a strong stand near the $3,350 zone. A low was formed at $3,364 level and the price started a fresh increase, outperforming Bitcoin.
There was a move above the $3,450 and $3,550 resistance levels. There was a break above a key bearish trend line with resistance near $3,550 on the hourly chart of ETH/USD. The pair even climbed above the $3,600 level and tested the $3,650 resistance.Are Dips Limited In ETH?
If Ethereum fails to clear the $3,620 resistance, it could continue to move down. Initial support on the downside is near $3,550. The first major support is at $3,500 and the 50% Fib retracement level of the upward move from the $3,364 swing low to the $3,649 high. A clear move below the $3,500 support might push the price toward $3,420. Any more losses might send the price toward the $3,365 level in the near term.Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 zone.
Major Support Level – $3,550 Major Resistance Level – $3,650