Above the $3,400 pivot barrier, Ethereum was well bid. Above the $3,450 barrier zone, ETH created a base and began a new uptrend.
So, Above the $3,500 level and the 100 hourly simple moving average, there was a clear advance. The Ethereum 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 $3,580 high was retraced at a 23.6 percent Fib retracement level. Ethereum, on the other hand, is holding steady above $3,480.
On the hourly chart of ETH/USD, a key rising channel is forming with support near $3,455. The Ethereum price is meeting resistance near $3,525 on the upside. Near $3,575 is the next significant resistance level. To begin a new rise, Ethereum must clear the $3,575 obstacle.
Source: ETHUSD on TradingView.com
In the above scenario, the cost could possibly exceed $3,600. On the upside, the bulls’ next major target might be $3,680.
If ethereum fails to break through the $3,525 resistance mark, it may continue to fall. On the downside, $3,500 serves as an initial support level.
Near the $3,425 level and the 100 hourly simple moving average is the next important support. The $3,400 zone, or the 50 percent Fib retracement level of the upward advance from the $3,215 swing low to $3,580 high, is the key support. A break below the $3,400 support zone on the downside might bring the price down to $3,220.
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