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Ethereum price started a new recovery wave above the $3,250 zone. ETH is holding onto gains and could target another surge above the $3,480 zone.
- Ethereum started a decent recovery wave above the $3,240 zone.
- The price is trading above USD 3,300 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 continue to rise if it overcomes the $3,400 resistance level.
Ethereum price remains above key support
Ethereum price started a decent upward move above the USD 3,240 level, but the gains were limited compared to Bitcoin. ETH was able to break the USD 3,300 and USD 3,320 resistance levels and move into a positive short-term zone.
The pair even rose above the USD 3,350 and USD 3,400 levels. Finally, it tested the $3,480 zone. It reached a high at $3,473 and recently the price corrected some gains. There was a decline below the 23.6% Fib retracement level of the upward move from the $2,912 swing low to the $3,473 high.
Ethereum price is now trading above $3,280 and the 100-hourly Simple Moving Average. It is rising again and trading above $3,300. There was a break above a connecting bearish trendline with resistance at $3,320 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 3,400 level. The first major resistance is around the $3,420 level. The main resistance is now forming around $3,480. A clear move above the USD 3,480 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 3,650 or even USD 3,720 resistance zone in the short term.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 3,400 resistance, it could trigger another decline. The initial downside support is near the $3,280 level. The first major support is near the $3,200 or 50% Fib retracement level of the upward move from the $2,912 swing low to the $3,473 high.
A clear move below the USD 3,200 support could push the price towards the USD 3,120 support. 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 – $3,280
Major resistance level – $3,400