Ethereum price started a decent increase above the $3,350 resistance. ETH is now recovering some losses and might gain pace if it clears the $3,550 resistance.
Ethereum started a fresh increase above the $3,400 zone.
The price is trading above $3,450 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $3,455 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a decent increase if it clears the $3,525 and $3,550 resistance levels.
Ethereum Price Aims Higher
Ethereum price started a decent increase above the $3,320 level like Bitcoin. ETH was able to climb above the $3,400 and $3,420 resistance levels.
The price even cleared the $3,500 resistance level. However, the bears remained active below the $3,550 level. A high was formed at $3,535 and the price is now consolidating gains. It declined and traded below the 23.6% Fib retracement level of the upward move from the $3,225 swing low to the $3,534 high.
Ethereum price is now trading above $3,450 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,455 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $3,500 level. The first major resistance is near the $3,525 level.
The main resistance is now forming near $3,550. A clear move above the $3,550 resistance might send the price toward the $3,620 resistance. An upside break above the $3,620 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,680 resistance zone or even $3,750.
Another Decline In ETH?
If Ethereum fails to clear the $3,550 resistance, it could continue to move down. Initial support on the downside is near the $3,455 level and the trend line. The first major support sits near the $3,375 zone or the 50% Fib retracement level of the upward move from the $3,225 swing low to the $3,534 high.
A clear move below the $3,375 support might push the price toward the $3,250 support. Any more losses might send the price toward the $3,220 support level in the near term. The next key support sits at $3,110.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,425
Major Resistance Level – $3,550
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
