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Ethereum price started a new recovery wave above the $3,400 zone. ETH is consolidating and aiming for a fresh rise above the USD 3,500 resistance.
- Ethereum started a decent recovery wave above the $3,450 zone.
- The price is trading above USD 3,420 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it crosses the $3,500 resistance level.
Ethereum price is rising steadily
Ethereum price remained stable above the USD 3,320 level and extended its recovery wave, just like Bitcoin. ETH gained pace and rose above the USD 3,350 and USD 3,420 resistance levels.
The bulls managed to surpass the USD 3,450 resistance level. It opened the doors for a move towards the $3,500 level. A high was reached at $3,502 and the price is now consolidating gains. There was a small dip below the 23.6% Fib retracement level of the upward move from the $3,310 swing low to the $3,502 high.
Ethereum price is now trading above $3,400 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $3,420 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 3,480 level. The first major resistance is around the $3,500 level. The main resistance is now forming around $3,550. A clear move above the USD 3,550 resistance could send the price towards the USD 3,650 resistance.
An upside break above the USD 3,650 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the resistance zone of $3,780 or even $3,880 in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,500 resistance, it could trigger another decline. The initial downside support is near the $3,420 level and the trendline. The first major support is near the $3,400 or 50% Fib retracement level of the upward move from the $3,310 swing low to the $3,502 high.
A clear move below the USD 3,400 support could push the price towards the USD 3,350 support. Any further losses could send the price towards the USD 3,280 support level in the near term. The next major support is at $3,220.
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 – $3,400
Major resistance level – $3,500
