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Ethereum price extended its rise above the USD 3,220 resistance. ETH is now consolidating and facing hurdles near the USD 3,450 resistance.
- Ethereum started a new rise above the USD 3,120 resistance zone.
- The price is trading above USD 3,150 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $3,220 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it remains stable above the $3,150 zone.
Ethereum price faces hurdles
The price of Ethereum, like Bitcoin, started to rise again above the $3,000 resistance. ETH was able to climb above the USD 3,120 and USD 3,120 resistance levels to move further into a positive zone.
It even rose above the USD 3,350 level and traded to a new monthly high. It reached a high of $3,443 before a small pullback. There was a move below the 23.6% Fib retracement level of the upwave from the $3,070 swing low to the $3,443 high.
Ethereum price is now trading above $3,150 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $3,220 on the hourly chart of ETH/USD. The trendline is close to the 50% Fib retracement level of the upward wave from the $3,070 swing low to the $3,443 high.
On the upside, the price seems to be facing hurdles around the USD 3,320 level. The first major resistance is around the $3,400 level. The main resistance is now forming around $3,450. A clear move above the USD 3,450 resistance could send the price towards the USD 3,580 resistance.
An upside break above the USD 3,580 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,650 resistance zone.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 3,320 resistance, it could initiate a downward correction. The initial downside support is near the $3,250 level and the trendline. The first major support is near the $3,150 zone.
A clear move below the USD 3,150 support could push the price towards USD 3,070. Any further losses could send the price towards the USD 3,000 support level in the near term. The next major support is at $2,880.
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 – $3,250
Major resistance level – $3,320
