Ethereum price extended losses and tested the USD 3,080 support zone. ETH is recovering and could aim for a test of the USD 3,350 resistance zone.
- Ethereum tested $3,080 and started a recovery wave.
- The price is trading below $3,350 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $3,220 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it remains above the $3,180 support zone.
Ethereum price recovers above USD 3,200
Ethereum price extended losses below the USD 3,250 support zone. ETH even fell below USD 3,150 and tested the USD 3,080 support zone. A low is formed at $3,087 and the price is now rising but lacks momentum like Bitcoin.
There was a move above the USD 3,200 resistance. The price cleared the 23.6% Fib retracement level of the downward move from the $3,500 swing high to the $3,087 low. Additionally, there was a break above a connecting bearish trendline with resistance at $3,220 on the hourly chart of ETH/USD.
Ethereum is still trading below $3,350 and the 100-hourly Simple Moving Average. If there are more upsides, the price may encounter resistance near the USD 3,300 level.
The first major resistance is near the $3,350 level, the 100-hour Simple Moving Average and the 61.8% Fib retracement level of the downward move from the $3,500 swing high to the $3,087 low. The next major hurdle is near the $3,400 level. A close above the $3,400 level could send Ether towards the $3,500 resistance.
The next major resistance is near USD 3,550. An upside break above the USD 3,550 resistance could send the price higher towards the USD 3,720 resistance zone in the coming days.
Another drop in ETH?
If Ethereum fails to clear the USD 3,300 resistance, it could trigger another decline. The initial downside support is near USD 3,185. The first major support is near the $3,120 zone.
A clear move below the USD 3,120 support could push the price towards USD 3,080. Any further losses could send the price towards the USD 3,020 support level in the near term. The next major support is at USD 2,950.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3,185
Major resistance level – $3,350