Ethereum remained stable above the $3,400 level against the US Dollar. ETH price is rising and eyeing an upside break above the $3,550 resistance zone.

• Ethereum started a fresh increase after it tested the $3,400 support zone.
• The price is now trading above $3,500 and the 100 hourly simple moving average.
• There is a connecting bearish trend line forming with resistance near $3,530 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a steady increase if it clears the trend line and $3,550.

Ethereum Price Eyes Upside Break

Ethereum extended decline below the $3,440 level. However, ETH bulls again protected a downside break below the $3,400 support. The bulls were also active near the 50% Fib retracement level of the key increase from the $3,215 swing low to $3,580 high.

It seems like a double bottom pattern was formed near $3,400 and the price started a fresh increase. There was a move above the $3,500 level and the 100 hourly simple moving average.

The price is now facing resistance near the $3,525 level. There is also a connecting bearish trend line forming with resistance near $3,530 on the hourly chart of ETH/USD. The next major resistance is near the $3,580 level. If ether price clears the $3,580 resistance zone, it could start a major increase.

Source: ETHUSD on TradingView.com

In the stated case, the price could climb above the $3,600 zone. The next major stop for the bulls on the upside may perhaps be $3,750 in the near term.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $3,580 level, it could start another…