Ethereum price is consolidating gains above $3,400. ETH is showing positive signs and might soon aim for a move above the $3,500 resistance zone.

Ethereum price formed a base above the $3,350 level and started another increase, like Bitcoin. ETH broke the $3,400 level to set the pace for more upsides.

There was a clear move above the 50% Fib retracement level of the downside correction from the $3,519 swing high to the $3,305 low. The bulls are now active above the $3,420 level. There is also a key bullish trend line forming with support at $3,420 on the hourly chart of ETH/USD.

Ethereum is now trading above $3,450 and the 100-hourly Simple Moving Average. It is showing positive signs above the 76.4% Fib retracement level of the downside correction from the $3,519 swing high to the $3,305 low.

Immediate resistance on the upside is near the $3,500 level. The first major resistance is near the $3,520 level. The next major resistance is near $3,550, above which the price might gain bullish momentum.  The next stop for the bulls could be near the $3,650 level.

Source: ETHUSD on TradingView.com

If there is a move above the $3,650 resistance, Ether could even rally toward the $3,720 resistance. Any more gains might call for a test of $3,800.

If Ethereum fails to clear the $3,520 resistance, it could start a downside correction. Initial support on the downside is near the $3,420 level and the trend line.

The first major support is near the $3,400 zone or the 100 hourly SMA. The next key support could be the $3,350 zone. A clear move below the $3,350 support might send the price toward $3,320. Any more losses might send the price toward the $3,150 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $3,400

Major Resistance Level – $3,520

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