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Ethereum price is struggling below the USD 3,500 resistance while Bitcoin is gaining. ETH is consolidating above $3,150 and could target an upside breakout.
- Ethereum failed to gain pace for a close above USD 3,400 and USD 3,450.
- The price is trading above USD 3,300 and the 100-hourly Simple Moving Average.
- A major contracting triangle is forming with resistance at $3,355 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start rising again if it overcomes the $3,400 resistance level.
Ethereum price aims for a major upside breakout
The price of Ethereum started a decent upward move from the $3,200 level, but the gains were limited compared to Bitcoin. ETH managed to overcome the USD 3,250 resistance to move into a short-term bullish zone.
The bulls were able to push the price above the USD 3,300 resistance zone. Moreover, there was a clear move above the 50% Fib retracement level of the downward move from the $3,445 swing high to the $3,203 low. However, the bears are still active below $3,400.
Ethereum price is now trading above $3,300 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level or the 61.8% Fib retracement level of the downward move from the $3,445 swing high to the $3,203 low.
There is also a major contracting triangle forming with resistance at $3,355 on the hourly chart of ETH/USD. The first major resistance is around the $3,400 level. The main resistance is now forming around $3,445.
A clear move above the USD 3,445 resistance could send the price towards the USD 3,550 resistance. An upside break above the USD 3,550 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,650 or even USD 3,720 resistance zone 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 around $3,250.
A clear move below the USD 3,250 support could push the price towards the USD 3,200 support. Any further losses could send the price towards the USD 3,120 support level in the near term. The next major support is at $3,050.
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 – $3,200
Major resistance level – $3,400