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Ethereum price is consolidating above the $3,180 support. ETH needs to clear the $3,350 resistance zone to start a new near-term increase.
- Ethereum started a new increase against the $3,180 support zone.
- The price is trading above $3,250 and the 100-hour simple moving average.
- There was a break above a key bearish trendline with resistance at $3,280 on the hourly table ETH/USD (Data Feed via Kraken).
- The pair may start a fresh increase if it remains above the $3,220 support level.
Ethereum price breaks resistance
Ethereum price started a decent upward move from the $3,180 level, beating Bitcoin. ETH was able to surpass the $3,220 and $3,250 resistance levels.
There was a break above a key bearish trendline with resistance at $3,280 on the hourly ETH/USD chart. The pair even surpassed $3,300 and tested $3,350. A high was formed at $3,346 and the price is now heading lower. There was a move below the $3,320 and $3,300 support levels.
The price fell below the 23.6% FIB retracement level of the upward move from the $3,181 swing low to the $3,346 high. Ethereum price is now trading above $3,250 and the 100-hour simple moving average.
On the upside, the price seems to be facing hurdles near the $3,350 level. The first major resistance is near the $3,370 level. Key resistance is now forming near $3,450.
A clear move above the resistance at $3,450 could send the price towards the resistance at $3,500. An upside break above the $3,500 resistance could call for more gains in the coming sessions. In the indicated case, Ether could rise towards the $3,550 resistance zone or even $3,580 in the short term.
Another decline in ETH?
If Ethereum fails to clear the $3,350 resistance, it could start a new decline. The first support on the downside is near the $3,260 level. The first major support is near $3,220.
A clear move below the $3,220 support could push the price towards the $3,180 support. Any losses could send the price towards the $3,120 support level in the near term. The next key support is at $3,050.
Technical indicators
Hour macd – The MACD for ETH/USD is gaining strength in the bullish zone.
Hour RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Main resistance level – $3,350
