Ethereum gained pace above the $3,500 resistance against the US Dollar. ETH price is consolidating and might eye more gains above the $3,550 resistance.
Ethereum started a fresh increase after it cleared the $3,450 resistance.
The price is now trading above $3,500 and the 100 hourly simple moving average.
There is a key rising channel forming with support near $3,455 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another increase if it manages to stay above the $3,400 support zone.
Ethereum remained well bid above the $3,400 pivot level. ETH formed a base and started a fresh increase above the $3,450 resistance zone.
There was a clear move above the $3,500 level and the 100 hourly simple moving average. The price even spiked above the $3,550 level and traded as high as $3,580. The price is now correcting lower and consolidating near the $3,500 level.
There was a move below the 23.6% Fib retracement level of the upward move from the $3,215 swing low to $3,580 high. However, ether is stable above the $3,480 level.