Ethereum price started a major rise above the USD 3,320 resistance. ETH is now consolidating gains and could drop towards the $3,280 zone.
- Ethereum started a downward correction after a big rally to $3,400.
- The price is trading above USD 3,300 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 continue to rise if it remains above the $3,280 zone.
Ethereum price rises to $3,400
The price of Ethereum held steady above $3,220 and started a new rise, just like Bitcoin. ETH price rose above the USD 3,250 and USD 3,320 resistance levels.
The bulls even pumped the price above $3,350. A high was reached at $3,402, and the price is now correcting some gains. There was a small decline below $3,350 and the 23.6% Fib retracement level of the recent wave from the $3,061 swing low to the $3,402 high.
Ethereum price is now trading above $3,300 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 around the $3,350 level. The first major resistance is near the $3,380 level. The next major resistance is around the $3,400 level. A clear move above the USD 3,400 resistance could send the price towards the USD 3,500 resistance. An upside break above the $3,500 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $3,550 or even $3,650 in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,400 resistance, it could trigger another decline. The initial downside support is near the $3,300 level. The first major support is near the $3,280 zone and the trendline.
A clear move below the $3,280 support could push the price towards the $3,230 support and the 50% Fib retracement level of the recent wave, from the $3,061 swing low to the $3,402 high. Any further losses could send the price towards $3,200.
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 – $3,400