ETH break the resistance and now trading above it. It needs to hold above $3600 to get some upward momentum. The support level remains the same. The next resistance area is $3850 - $3900 and major resistance is $4200 - $4300 area. Overall market looks good!
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ETH started its uptrend with the support of $ 3,400 bitcoin. Now, if you master the resistance range of $ 3,650, you will be able to climb to higher levels.
ETH at $ 3,400 is still in good demand. With the uptrend that started from this range, the resistance of $ 3,500 was quickly overcome and the distance was maintained with a moving average of 100 hours.
In the hourly chart of the ETH / USD pair, the downtrend line has been broken with the resistance that had created around $ 3,500. In the following, we even see a jump above the resistance of the $ 3,650 range; But the bears eventually moved in the $ 3,700 range, bringing the price back below the $ 3,650 resistance.
Now, after conquering the $ 3,713 peak, Ethereum is hovering below the $ 3,650 resistance. Meanwhile, the 23.6% Fibonacci retracement level of the recent uptrend has been broken from the 3,413 floor to the $ 3,713 ceiling and has now strengthened its strength as it approaches the $ 3,650 resistance range. The $ 3,650 upstream range is thus known as the closest resistance level.
So we consider key resistance to be slightly higher at $ 3,660; Climbing and closing the top of the candlestick will meet the waiting conditions to start a new ascent. In this case, there is a possibility of a solid Ethereum climb to $ 3,750. Any further advance as soon as possible can be considered as the beginning of a move towards the main resistance of the $ 4,000 range.
But if it is not able to break the $ 3,650 resistance as quickly as possible, it will almost certainly make a significant correction. In this case, we consider the nearest resistance level downstream around $ 3,600.
Below, the $ 3,550 range is key support; The Fibonacci level of 50% has fallen in this range. Its collapse is likely to be the beginning of a sharp fall; In this case, the main support will be around $ 3,450 at the last Ethereum Shelter.