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Ethereum Just Reversed and $3,700 is Imminent, Here’s Why

Ethereum gained pace and surpassed the $3,500 level against the US Dollar. ETH price is trading in a positive zone and it could rise further towards $3,700.

Ethereum started a fresh increase above the $3,500 resistance level.
The price is now trading above $3,400 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $3,450 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise as long as it is above the $3,400 support zone in the near term.

Ethereum Price Extends Rally
Ethereum started a steady increase above the $3,350 resistance zone. ETH was able to climb above the $3,450 level and the 100 hourly simple moving average.
The price even cleared the $3,500 zone. A high is formed near $3,539 and it is now correcting gains. Ether corrected lower below the $3,500 level. It is now trading near the 23.6% Fib retracement level of the recent increase from the $3,275 swing low to $3,339 high.
It is now consolidating near the $3,480 zone. There is also a key bullish trend line forming with support near $3,450 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $3,500 level. The first major resistance is near the $3,540 level.

Source: ETHUSD on TradingView.com
The next major resistance is near the $3,550 level, above which the price might accelerate towards $3,700. Any more gains could set the pace for a larger increase towards the $3,800 level in the near term.
Dips Supported in ETH?
If ethereum fails to continue higher above the $3,540 and $3,550 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,450 level.
The first key support is now forming near the $3,400 level. It is close to the 50% Fib retracement level of the recent increase from the $3,275 swing low to $3,339 high. Any more losses could lead ether price towards the $3,375 support zone and the 100 hourly simple moving average. The next major support could be near the $3,320 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is correcting lower towards the 50 level.
Major Support Level – $3,400
Major Resistance Level – $3,550

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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