Ethereum price started a new increase above $3.150. ETH is now consolidating and could soon target a clear upside break above USD 3,350.
- Ethereum started a downward correction from the $3,450 zone.
- The price is trading above $3,200 and the 100-hourly Simple Moving Average.
- A new connecting bullish trendline is forming with support at $3,180 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if it crosses below the $3,150 zone.
Ethereum price holds support
Ethereum price managed to stay above $3,150 and started a new rise, beating Bitcoin. ETH price gained strength thanks to a move above the USD 3,300 and USD 3,320 resistance levels.
The bulls even pushed the price above $3,400. However, the bears were active below $3,450. It reached a high at $3,448 and the price is now correcting gains. There was a move below $3,250, and the price even spiked below the 50% Fib retracement level of the upward wave from the $2,914 swing low to the $3,448 low.
However, the bulls were active around $3,150. Ethereum price is now trading above $3,200 and the 100-hourly Simple Moving Average. Additionally, a new connecting bullish trendline is forming with support at $3,180 on the hourly chart of ETH/USD.
If another upward move occurs, the price may encounter resistance near the $3,290 level. The next major resistance is near the $3,320 level. The first major resistance is around the $3,350 level. A clear move above the USD 3,350 resistance could send the price towards the USD 3,400 resistance. An upside break above the $3,400 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,450 or even USD 3,500 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,320 resistance, it could trigger another decline. The initial downside support is near the USD 3,200 level. The first major support is near the $3,150 zone.
A clear move below the USD 3,150 support could push the price towards the USD 3,040 support. Any further losses could send the price towards $3,020. The next major support is $3,000.
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 – $3,180
Major resistance level – $3,350