Ethereum price started a major rise above the USD 3,350 resistance. ETH is now consolidating gains and holding the key support at $3,280.
- Ethereum started a downward correction after a big rally to $3,400.
- The price is trading above USD 3,280 and the 100-hourly Simple Moving Average.
- A bullish trendline is forming with support at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rise if it remains above the $3,280 zone.
Ethereum price reaches support
The price of Ethereum held steady above $3,300 and started a new rise, just like Bitcoin. ETH price rose above the USD 3,320 and USD 3,350 resistance levels.
It peaked at $3,402, and the price recently started a downward correction. There was a move below $3,320. The price fell below the 23.6% Fib retracement level of the recent wave, from the $3,060 swing low to the $3,402 high.
Ethereum price is now trading above $3,280 and the 100-hourly Simple Moving Average. A bullish trendline is also forming with support at $3,280 on the hourly chart of ETH/USD.
If the bulls can absorb more losses below USD 3,280, the price could try to rise again. Immediate resistance is seen near the $3,320 level. The first major resistance is around the $3,350 level. The next major resistance is around the $3,385 level. A clear move above the USD 3,385 resistance could send the price towards the USD 3,450 resistance. An upside break above the $3,450 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,500 or even USD 3,550 resistance zone in the short term.
Disadvantage of pause in ETH?
If Ethereum fails to clear the USD 3,320 resistance, it could trigger another decline. The initial downside support is near the $3,280 level and the trendline. The first major support is near the $3,260 zone and the 100-hourly SMA.
A clear move below the $3,260 support could push the price towards the $3,220 support and the 50% Fib retracement level of the recent wave, from the $3,060 swing low to the $3,402 high. Any further losses could send the price towards $3,150.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 zone.
Major support level – $3,280
Major resistance level – $3,385