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Ethereum price started a decent recovery wave above the $3,240 zone. ETH is rising and facing hurdles near the $3,480 zone.
- Ethereum started a small recovery wave above the $3,240 zone.
- The price is trading above USD 3,320 and the 100-hourly Simple Moving Average.
- There was a break above a short-term contractual triangle at resistance at $3,240 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it overcomes the $3,480 resistance level.
Ethereum price rises by more than 5%
Ethereum price started a recovery wave above the USD 3,150 level, just like Bitcoin. ETH was able to break the USD 3,180 and USD 3,240 resistance levels and move into a positive short-term zone.
Additionally, there was a break above a short-term contractual triangle with resistance at $3,240 on the hourly chart of ETH/USD. The pair even rose above the USD 3,350 and USD 3,400 levels. Finally, it tested the $3,480 zone. A high was reached at $3,473 and the price is now consolidating gains.
There was a small decline below the 23.6% Fib retracement level of the upward move from the $3,186 swing low to the $3,473 high. Ethereum price is now trading above $3,300 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles around the USD 3,450 level. The first major resistance is around the $3,480 level. The main resistance is now forming around $3,500. A clear move above the USD 3,500 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 3,480 resistance, it could trigger another decline. The initial downside support is near the USD 3,350 level. The first major support is near the $3,280 or 50% Fib retracement level of the upward move from the $3,186 swing low to the $3,473 high.
A clear move below the USD 3,280 support could push the price towards the USD 3,240 support. Any further losses could send the price towards the USD 3,120 support level in the near term. The next major support is at $3,050.
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 above the 50 zone.
Major support level – $3,280
Major resistance level – $3,480