Ethereum remained supported above the $3,650 zone against the US Dollar. ETH must clear the $3,850 and $3,900 resistance levels to continue higher in the near term.
Ethereum started a fresh increase above the $3,700 and $3,750 resistance levels.The price is now trading above $3,800 and the 100 hourly simple moving average.There is a major contracting triangle forming with resistance near $3,840 on the hourly chart of ETH/USD (data feed via Kraken).The pair could start a fresh rally if it clears the key $3,920 resistance zone.
Ethereum Price Remains Supported
Ethereum started a downside correction after it failed to stay above the $3,900 zone. ETH declined below the $3,800 support zone and the 100 hourly simple moving average.
The price even spiked below the $3,750 support zone. A low was formed near $3,678 and the price is now rising. It broke the $3,780 resistance zone. There was a break above the 50% Fib retracement level of the recent drop from the $3,893 swing high to $3,678 low.
Ether is now trading above $3,800 and the 100 hourly simple moving average. The price is now testing the 61.8% Fib retracement level of the recent drop from the $3,893 swing high to $3,678 low.