- Ethereum‘s price has created a base and is beginning to rise above the $3,500 barrier.
- At $3,726 the price formed a new weekly high and is currently consolidating gains.
- Ethereum may begin a downward correction if it is unable to overcome the $3,725 resistance.
Like Bitcoin, Ethereum’s price has created a base and is beginning to rise above the $3,500 barrier. It has crossed above the $3,600 and $3,650 marks to enter the positive territory.
At $3,726 the price formed a new weekly high and is currently consolidating gains. It is significantly above the 23.6% Fib retracement level of the upward trend from the swing low of $3,224 to the low of $3,726.
Ethereum
On the hourly chart of ETH/USD, Ethereum is trading above $3,650 and the 100-hourly Simple Moving Average. A positive trend line connecting the two is forming, with support at $3,480.
The $3,725 level is the immediate obstacle, while the $3,750 level is the first significant opposition. The next significant resistance is at $3,800, and a test of that level might take Ether to $3,880, where positive momentum could build.
Ethereum may begin a downward correction if it is unable to overcome the $3,725 resistance. Near the $3,620 mark is where initial downside support is located. The trend line or the $3,500 zone is the first significant support.
