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Ethereum price remained supported above the $3,220 zone. ETH is consolidating and could aim for a move above the USD 3,400 resistance.
- Ethereum started a new increase from the USD 3,250 support zone.
- The price is trading above USD 3,350 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it crosses the USD 3,400 resistance zone.
Ethereum price remains stable and has more upsides
Ethereum price remained supported above $3,200 and started a new increase, while Bitcoin corrected gains. ETH is stable above USD 3,250 and currently rising.
There was a move above the USD 3,300 and USD 3,350 resistance levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $3,545 swing high to the $3,254 low. There was also a break above a connecting bearish trendline with resistance at $3,320 on the hourly chart of ETH/USD.
Ethereum price is now trading above $3,350 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 3,400 level. It is close to the 50% Fib retracement level of the downward move from the $3,545 swing high to the $3,254 low.
The first major resistance is around the $3,450 level. The main resistance is now forming around $3,500. A clear move above the USD 3,500 resistance could send the price towards the USD 3,550 resistance. An upside break above the USD 3,550 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,680 or even USD 3,750 resistance zone.
Disadvantages limited in ETH?
If Ethereum fails to clear the USD 3,400 resistance, it could trigger another decline. The initial downside support is near the $3,300 level. The first major support is near the $3,250 zone.
A clear move below the USD 3,250 support could push the price towards USD 3,150. Any further losses could send the price towards the USD 3,050 support level in the near term. The next major support is $3,000.
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