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Ethereum price started a new recovery wave above the $3,550 zone. ETH is consolidating and aiming for a fresh rise above the USD 3,700 resistance.
- Ethereum started a decent recovery wave above the $3,550 zone.
- The price is trading above USD 3,620 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $3,620 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it overcomes the $3,700 resistance level.
Ethereum price rises above USD 3,650
Ethereum price remained stable above the USD 3,420 level and extended its recovery wave, just like Bitcoin. ETH gained pace and rose above the USD 3,550 and USD 3,620 resistance levels.
The bulls managed to surpass the USD 3,650 resistance level. It opened the doors for a move towards the $3,700 level. A high was reached at $3,694 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $3,569 swing low to the $3,694 high.
Ethereum price is now trading above $3,650 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $3,620 on the hourly chart of ETH/USD. The trendline is close to the 76.4% Fib retracement level of the upward move from the $3,569 swing low to the $3,694 high.
On the upside, the price seems to be facing hurdles around the USD 3,700 level. The first major resistance is around the $3,720 level. The main resistance is now forming around $3,800. A clear move above the USD 3,800 resistance could send the price towards the USD 3,880 resistance.
An upside break above the USD 3,880 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,920 or even USD 4,000 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,700 resistance, it could trigger another decline. The initial downside support is near the $3,620 level and the trendline. The first major support is around $3,550.
A clear move below the USD 3,550 support could push the price towards the USD 3,500 support. Any further losses could send the price towards the USD 3,420 support level in the near term. The next major support is at $3,350.
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 – $3,620
Major resistance level – $3,700