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Ethereum price started a recovery wave after the USD 3,220 support. ETH is now recovering some losses and could rise if it clears the USD 3,550 resistance.
- Ethereum started a new rise above the $3,350 zone.
- The price is trading above USD 3,420 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $3,425 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent climb if it overcomes the USD 3,520 and USD 3,550 resistance levels.
Ethereum price begins recovery
Ethereum price held steady above USD 3,220 and started a recovery wave like Bitcoin. ETH was able to climb above the USD 3,350 and USD 3,400 resistance levels.
The price even crossed the USD 3,500 resistance level. However, the bears remained active below the USD 3,550 level. It reached a high at $3,534 and the price is now consolidating gains. It corrected a few points below the 23.6% Fib retracement level of the recent wave, from the $3,226 swing low to the $3,534 high.
Ethereum price is now trading above $3,420 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $3,425 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles around the USD 3,520 level. The first major resistance is around the $3,540 level.
The main resistance is now forming around $3,550. A clear move above the USD 3,550 resistance could send the price towards the USD 3,650 resistance. An upside break above the USD 3,650 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,720 or even USD 3,800 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 3,550 resistance, it could continue to decline. The initial downside support is near the $3,425 level and the trendline. The first major support is near the $3,375 zone.
A clear move below the USD 3,375 support could push the price towards the USD 3,320 support. Any further losses could send the price towards the USD 3,220 support level in the near term. The next major support is at $3,110.
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 – $3,425
Major resistance level – $3,550
