Ethereum price started a decent rise above the USD 3,350 resistance. ETH is now recovering some losses and could gain momentum if it clears the USD 3,550 resistance.
- Ethereum started a new rise above the $3,400 zone.
- The price is trading above USD 3,450 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $3,455 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent climb if it overcomes the USD 3,525 and USD 3,550 resistance levels.
Ethereum price aims higher
The price of Ethereum, like Bitcoin, started a significant increase above the USD 3,320 level. ETH was able to climb above the USD 3,400 and USD 3,420 resistance levels.
The price even crossed the USD 3,500 resistance level. However, the bears remained active below the USD 3,550 level. A high was reached at $3,535 and the price is now consolidating gains. It fell and traded below the 23.6% Fib retracement level of the upward move from the $3,225 swing low to the $3,534 high.
Ethereum price is now trading above $3,450 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $3,455 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 3,500 level. The first major resistance is around the $3,525 level.
The main resistance is now forming around $3,550. A clear move above the USD 3,550 resistance could send the price towards the USD 3,620 resistance. An upside break above the USD 3,620 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,680 or even USD 3,750 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 3,550 resistance, it could continue to decline. The initial downside support is near the $3,455 level and the trendline. The first major support is near the $3,375 zone or the 50% Fib retracement level of the upward move from the $3,225 swing low to the $3,534 high.
A clear move below the USD 3,375 support could push the price towards the USD 3,250 support. Any further losses could send the price towards the USD 3,220 support level in the near term. The next major support is at $3,110.
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 – $3,425
Major resistance level – $3,550
