Cryptocurrency Ethereum has managed to maintain its position above the $3,500 support zone, capturing a new upward momentum. Now, the focus is on whether it can surpass the resistance level at $3,680. According to the latest data, we see Ethereum gaining speed above the $3,500 support zone. The price is trading above $3,600 and the 100-hour Simple Moving Average. This situation indicates that the bulls have secured a strong position.
Will Ethereum’s Altcoin King Continue Its Upward Momentum?
On the ETH/USD hourly chart, there is a significant upward trend line forming with support at $3,560. This suggests that Ethereum has captured a strong upward momentum in the near term. However, for Ethereum to climb higher, it needs to break the resistance at $3,680. If Ethereum can surpass this resistance, the likelihood of continuing its upward movement will increase.
The steady increase in Ethereum‘s price began above the $3,550 resistance zone, and we observe that the price has also surpassed the $3,650 resistance level. Currently, the price is consolidating gains and testing the $3,680 resistance level.
Will Ethereum’s Declines Remain Limited?
The cryptocurrency Ethereum’s price has recently failed to break the critical resistance at $3,680, causing concern among some investors. So, how limited could the declines in ETH be?
For now, the first support level on the downside is around $3,600. However, a more significant support is found at the $3,580 region and near the trend line. Below this level, there is support at $3,500.
For the leading altcoin Ethereum, the 50% Fibonacci retracement level of the rise from $3,301 to $3,680, which is $3,500, is also noteworthy. Therefore, if the price falls below the $3,500 support, it could lead to a drop to $3,380. Further losses could pull the price down to the $3,120 level.
Looking at the technical indicators, the hourly MACD for ETH/USD is gaining momentum in the bullish zone. Additionally, the hourly RSI is currently above the 50 level. These indicators seem to paint a somewhat positive picture for ETH in the short term. At the time of writing, the main support level for the crypto ETH is $3,600, while the main resistance level is $3,680. Ethereum, the leader in the altcoin world, is trading at $3,638.
