Ethereum is ready for a rally and only one thing is holding it back

extended Ethereum increased above the resistance area worth 3.500 dollar, as the currency managed to rise above the level of 3.550 dollars and simple moving average 100 per hour.

During the surge, there was a break above the major downtrend line, with resistance near 3.475 Dollars on the Ethereum price chart relative to the US dollar USD / ETH.

so that the price Ethereum For US dollars, clear area 3.600 dollars, then rose to nearly 3.628 Dollar, which is now correcting the gains, correcting the decline to below the level 3.600 dollar.

Trading was below the level of decline Fib %23.6 From the last wave of low swing 3.343 to me 3.628 top dollar. It is now consolidated near the area of 3.500 dollar.

A direct resistance on the positive side is approaching the level 3.550 Dollars, while the first major resistance is approaching the level 3.575 dollar.

There is also a short-term bearish trend line, formed with resistance approaching 3.575 dollars on the same chart.

As for the next major resistance, it approached the . level 3.600 Dollars, above which the price may accelerate to the upside.

In the aforementioned case, the price may rise to a level 3.700 Dollars, the next major resistance might be 3.800 dollar.

Limited dips in Ethereum?

If the currency fails to hold resistance levels above 3.550 And3.575 dollars, they could start a new downside correction.

And the initial support on the downside is almost reaching the level 3.500 Dollars, the first major support is now approaching the level 3.480 dollar.

It is close to the level of decline 50% Fib From the last wave of low swing 3.343 dollar up 3.628 dollar.

Any other losses, may lead the currency price to move towards the support area which is worth 3.425 dollars and the simple transfer average of 100 per hour.