Ethereum Price Consolidates: Steadying Before the Next Move?
Ethereum price started a consolidation phase above the $3,650 support. ETH seems to be preparing for the next move up toward $4,000 in the near term.
Ethereum started a consolidation after it tested the $3,840 resistance zone.
The price is trading above $3,700 and the 100-hourly Simple Moving Average.
There is a short-term contracting triangle forming with support at $3,690 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up unless there is a break below the $3,450 support.
Ethereum Price Holds Support
Ethereum price extended its increase above the $3,500 and $3,650 resistance levels. ETH outperformed Bitcoin and even climbed above the $3,800 level. A new weekly high was formed at $3,838 and the price is now consolidating gains.
It is holding gains above the 23.6% Fib retracement level of the upward move from the $3,065 swing low to the $3,838 high. Ethereum is now trading above $3,700 and the 100-hourly Simple Moving Average. There is also a short-term contracting triangle forming with support at $3,690 on the hourly chart of ETH/USD.
Immediate resistance is near the $3,780 level. The first major resistance is near the $3,840 level. An upside break above the $3,840 resistance might send the price higher. The next key resistance sits at $3,920, above which the price might gain traction and rise toward the $4,000 level.
If there is a clear move above the $4,000 level, the price might rise and test the $4,080 resistance. Any more gains could send Ether toward the $4,200 resistance zone.
Downside Break In ETH?
If Ethereum fails to clear the $3,780 resistance, it could start a downside correction. Initial support on the downside is near the $3,690 level and the trend line.
The next major support is near the $3,650 zone. A clear move below the $3,650 support might push the price toward $3,450 or the 50% Fib retracement level of the upward move from the $3,065 swing low to the $3,838 high. Any more losses might send the price toward the $3,360 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 75 zone.
Major Support Level – $3,650
Major Resistance Level – $3,840
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings