Ethereum price is trying to make a fresh rise above the USD 3,450 resistance zone. ETH needs to settle above $3,550 to continue higher in the near term.
- Ethereum slowly moved higher above the $3,450 zone.
- The price is trading above USD 3,450 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance near $3,415 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to overcome the USD 3,520 and USD 3,550 resistance levels to continue higher.
Ethereum price faces resistance
Ethereum price started a decent recovery wave above the USD 3,400 level. ETH has even reached the $3,420 level to move into a positive short-term zone like Bitcoin.
There was a break above a key bearish trendline with resistance near $3,415 on the hourly chart of ETH/USD. The pair even managed to break the $3,500 resistance zone. A high was reached at $3,516 and the price is now consolidating gains.
There was a move below the $3,500 level, but the price remained above the 23.6% Fib retracement level of the upward move from the $3,350 swing low to the $3,516 high.
Ethereum is trading above $3,450 and the 100-hourly Simple Moving Average. The current price action is positive and calls for more upside. On the upside, the price is facing resistance around the $3,500 level. The first major resistance is around the $3,520 level.
The next major hurdle is near the USD 3,550 level. A close above the USD 3,550 level could send Ether towards the USD 3,650 resistance. The next major resistance is near USD 3,720. An upside break above the USD 3,720 resistance could send the price higher. Even more gains could send Ether towards the USD 3,880 resistance zone.
Are dips limited in ETH?
If Ethereum fails to clear the USD 3,550 resistance, it could initiate a downward correction. The initial downside support is near USD 3,480. The first major support is near the $3,440 zone and the 50% Fib retracement level of the upward move from the $3,350 swing low to the $3,516 high.
A clear move below the USD 3,420 support could push the price towards USD 3,350. Any further losses could send the price towards the USD 3,320 level in the near term.
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 – $3,420
Major resistance level – $3,550
