Ethereum price started a fresh recovery wave above the $3,400 zone. ETH is consolidating and aiming for a fresh rise above the $3,500 resistance.
- Ethereum started a nice recovery wave above the $3,450 zone.
- The price is trading above $3,420 and the 100-hour simple moving average.
- There is a bullish trend line connecting to support at $3,420 on the hourly chart of ETH/USD (data feed by Kraken).
- If it clears the $3,500 resistance level, the pair may gain momentum.
The price of Ethereum is constantly increasing
Ethereum price remained stable above the $3,320 level and extended its recovery wave Bitcoin. ETH gained momentum to move above the $3,350 and $3,420 resistance levels.
The bulls were able to cross the $3,450 resistance level. This opened the door for a move towards the $3,500 level. A high was made at $3,502 and the price is now strengthening benefit. There was a slight decline below the 23.6% Fib retracement level of the upside from the $3,310 swing low to the $3,502 high.
The price of Ethereum is now trading above $3,400 and the 100-hour simple moving average. There is also a connecting bullish trend line with support at $3,420 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing resistance near the $3,480 level. The first major resistance is near the $3,500 level. Key resistance is now forming near $3,550. A clear move above the $3,550 resistance could send the price towards the $3,650 resistance.
An upside break above the $3,650 resistance could call for further gains in the coming sessions. In the mentioned case, Ether could move towards the $3,780 resistance zone or even rise to $3,880 in the near term.
Another drop in ETH?
If Ethereum fails to clear the $3,500 resistance, it could start another decline. Initial support on the downside is near the $3,420 level and trend line. The first major support sits near $3,400 or the 50% Fib retracement level of the upside from the $3,310 swing low to the $3,502 high.
A clear move below the $3,400 support could push the price towards the $3,350 support. Any further losses could send the price towards the $3,280 support level in the near term. The next major support sits at $3,220.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Main support level – $3,400
Key resistance level – $3,500
