Ethereum price started a recovery wave above $3,350. ETH is showing positive signs but is facing hurdles near the USD 3,720 resistance.
- Ethereum started a decent upward move above USD 3,350 and USD 3,400.
- The price is trading above $3,500 and the 100-hourly Simple Moving Average.
- There was a break above a bearish trendline with resistance at $3,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it crosses the $3,720 zone.
Ethereum price attempts recovery
Ethereum’s price managed to stay above $3,200 and started a recovery wave, just like Bitcoin. ETH price was able to climb above the USD 3,350 and USD 3,400 resistance levels.
There was a break above a bearish trendline with resistance at $3,350 on the hourly chart of ETH/USD. The pair surpassed the 50% Fib retracement level on the downward move from the $3,920 swing high to the $3,058 low. The upward move was such that the price rose above $3,620.
Ethereum price is now trading above $3,550 and the 100-hourly Simple Moving Average. If another recovery wave comes, the price may encounter resistance near the USD 3,650 level. The next major resistance is near the $3,720 level and the 76.4% Fib retracement level of the downward move from the $3,920 swing high to the $3,058 low.
The first major resistance is around the $3,750 level. A clear move above the USD 3,750 resistance could send the price towards the USD 3,820 resistance. An upside break above the $3,820 region could call for more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $3,880 or even $3,925 in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,650 resistance, it could trigger another decline. The initial downside support is near the $3,580 level. The first major support is near the $3,500 zone.
A clear move below the USD 3,500 support could push the price towards the USD 3,450 support. Any further losses could send the price towards $3,350 in the near term. The next major support is at USD 3,250 and USD 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 – $3,500
Major resistance level – $3,650