Ethereum has accelerated above the $3,500 resistance level against the US dollar.
The price of ETH is stabilizing and may seek further advances above the $3,550 resistance level. The popular cryptocurrency was well bid over the pivot level of $3,400, where it gained a foothold and launched a fresh rally.
Ethereum Aiming For Further Gains
There was a clear advance above the $3,500 level and the 100 hourly simple moving average. The price even soared past $3,550, reaching as high as $3,580. The price is currently correcting lower and settling around $3,500. The upward rise from the $3,215 swing low to the $3,580 high was retraced at a 23.6% Fib retracement level. Nevertheless, the price of ether remains stable above $3,480.
A key rising channel is forming on the hourly chart of ETH/USD with support near $3,455. On the upside, the price will hit resistance near the $3,525 mark. The next major resistance level is around $3,575. However, to begin a new surge, the price of Ether must break through the $3,575 resistance level.
Tumbles Supported In ETH?
If Ethereum fails to break through the $3,525 resistance mark, it may continue to tumble. On the downside, $3,500 serves as an initial support level.
The next significant support is near $3,425 and the 100 hourly simple moving average. The main support is near $3,400, or the 50% Fib retracement level of the upward move from the $3,215 swing low to the $3,580 high. A break below the $3,400 support zone on the downside might bring the price down to the $3,220 level.