TA: Ethereum Consolidates, What Could Spark A Fresh Rally

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Ethereum is consolidating gains near the $3,580 resistance zone against the US Dollar. ETH price could start a fresh rally if it clears the $600 level.

  • Ethereum remained in a positive zone above the $3,500 and $3,550 resistance levels.
  • The price is now trading above $3,520 and the 100 hourly simple moving average.
  • There is a key breakout pattern forming with resistance near $3,580 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start another increase if it clears the $580 and $600 levels in the near term.

Ethereum Price is Eyeing More Gains

Ethereum was able to settle above the main $3,500 resistance zone. ETH even extended its rise above the $3,600 level and settled well above the 100 hourly simple moving average.

The price traded as high as $3,674 before there was a downside correction. Ether declined below the $3,600 and $3,550 support levels. However, downsides were limited below $3,500. A low was formed near $3,485 and the price is now rising.

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It cleared the $3,550 resistance level, and it is now trading above $3,520 and the 100 hourly simple moving average. The price is now testing the 50% Fib retracement level of the recent decline from the $3,674 high to $3,485 low.

An immediate resistance on the upside is near the $3,580…

Source

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