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 Price Eyes More Gains 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. There is also a key rising channel forming with support near $3,455 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $3,525 level. The next major resistance is near the $3,575 level. Ether price must clear the $3,575 resistance to start a fresh surge. Source: ETHUSD on TradingView.com In the stated case, the price could ev...
