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Ethereum Gearing For Another Lift-Off, Why ETH Could Test $3,750

Ethereum remained stable above the $3,400 level against the US Dollar. ETH price is rising and eyeing an upside break above the $3,550 resistance zone.

Ethereum started a fresh increase after it tested the $3,400 support zone.
The price is now trading above $3,500 and the 100 hourly simple moving average.
There is a connecting bearish trend line forming with resistance near $3,530 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a steady increase if it clears the trend line and $3,550.

Ethereum Price Eyes Upside Break
Ethereum extended decline below the $3,440 level. However, ETH bulls again protected a downside break below the $3,400 support. The bulls were also active near the 50% Fib retracement level of the key increase from the $3,215 swing low to $3,580 high.
It seems like a double bottom pattern was formed near $3,400 and the price started a fresh increase. There was a move above the $3,500 level and the 100 hourly simple moving average.
The price is now facing resistance near the $3,525 level. There is also a connecting bearish trend line forming with resistance near $3,530 on the hourly chart of ETH/USD. The next major resistance is near the $3,580 level. If ether price clears the $3,580 resistance zone, it could start a major increase.

Source: ETHUSD on TradingView.com
In the stated case, the price could climb above the $3,600 zone. The next major stop for the bulls on the upside may perhaps be $3,750 in the near term.
Dips Limited in ETH?
If ethereum fails to start a fresh increase above the $3,580 level, it could start another downside correction. An initial support on the downside is near the $3,450 zone and the 100 hourly simple moving average.
The next major support is near the $3,400 level. If there is a downside break below the $3,400 support, the price could test $3,350. It is near the 61.8% Fib retracement level of the key increase from the $3,215 swing low to $3,580 high. Any more losses may perhaps set the pace for a move towards the $3,220 support zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,400
Major Resistance Level – $3,580

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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