Ethereum price struggles below $3,500 resistance while Bitcoin gains. ETH is consolidating above $3,150 and could target an upside break.
- Ethereum failed to gain momentum near $3,400 and above $3,450.
- The price is trading above $3,300 and the 100-hour simple moving average.
- A major contracting triangle forms with resistance at $3,355 on the hourly chart of ETH/USD (data feed by Kraken).
- The pair may initiate another rise if it clears the $3,400 resistance level.
Ethereum price objective is key upside break
Ethereum price started a nice upward move above the $3,200 level but the upside was relatively limited. Bitcoin. ETH cleared the $3,250 resistance to move into a short-term bullish zone.
The bulls were able to push the price above the $3,300 resistance zone. Additionally, 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, bears are still active below $3,400.
Ethereum price is now trading above $3,300 and 100-hour simple moving average. On the upside, the price seems to be facing resistance near the $3,350 level or the 61.8% Fib retracement level of the move down from the $3,445 swing high to the $3,203 low.
There is also a key contracting triangle with resistance at $3,355 on the hourly chart of ETH/USD. The first major resistance is near the $3,400 level. Key resistance is now forming near $3,445.
A clear move above the $3,445 resistance could send the price towards the $3,550 resistance. An upside break above the $3,550 resistance could call for further gains in the coming sessions. In the mentioned case, Ether may move towards the $3,650 resistance zone or even $3,720 in the near term.
Another drop in ETH?
If Ethereum fails to clear the $3,400 resistance, it could initiate another decline. Initial support on the downside is near the $3,300 level. The first major support sits near $3,250.
A clear move below the $3,250 support could push the price towards the $3,200 support. Any further losses could send the price towards the $3,120 support level in the near term. The next major support sits at $3,050.
Technical indicators
Hourly MACD – MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Main support level – $3,200
Key resistance level – $3,400
