Ethereum price declined again and retested the $3,365 support zone. ETH could start a fresh increase toward $3,700 if it stays above $3,365.
Ethereum is still holding the key $3,365 support zone.
The price is trading below $3,550 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance near $3,500 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could form a double-bottom pattern and rise toward the $3,700 resistance.
Ethereum Price Retests Key Support
Ethereum price failed to gain pace for a move above the $3,580 and $3,650 resistance levels. ETH reacted to the downside like Bitcoin and declined below the $3,500 support. There was a sharp move below $3,420, but the bulls were again active near $3,350.
A low was formed near the $3,350 level and the price is again rising. There was a move above the $3,380 and $3,400 resistance levels. The price was able to clear the 23.6% Fib retracement level of the downward
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