Ethereum price started a decent upward move from the USD 3,080 support zone. ETH is recovering and could aim for a test of the $3,500 resistance zone.
- Ethereum is showing positive signals from the USD 3,150 pivot zone.
- The price is trading above USD 3,250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it remains above the $3,280 support zone.
Ethereum price sees steady rise to $3,500
Ethereum price formed a base above the USD 3,080 support zone. A low was formed at $3,087 and the price started a decent rise above the $3,220 resistance zone, but like Bitcoin, it lagged behind strength.
There was a break above a key bearish trendline with resistance at $3,280 on the hourly chart of ETH/USD. The pair was able to break the 50% Fib retracement level of the downward move from the $3,540 swing high to the $3,087 low.
Ethereum is now trading above $3,250 and the 100-hourly Simple Moving Average. If there are more upsides, the price could face resistance near the $3,375 level or the 61.8% Fib retracement level of the downward move from the $3,540 swing high to the $3,087 low.
The first major resistance is around the $3,400 level. The next major hurdle is near the USD 3,450 level. A close above the $3,450 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.
Are dips limited in ETH?
If Ethereum fails to clear the USD 3,400 resistance, it could initiate a downward correction. The initial downside support is near USD 3,280. The first major support is near the $3,250 zone.
A clear move below the USD 3,180 support could push the price towards USD 3,120. Any further losses could send the price towards the USD 3,080 support level in the near term. The next major support is at $3,050.
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 – $3,250
Major resistance level – $3,400