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Ethereum price started a new recovery wave from the $3,320 zone. ETH is consolidating and aiming for a fresh rise above the USD 3,450 resistance.
- Ethereum started a decent recovery wave above the $3,350 zone.
- The price is trading above USD 3,365 and the 100-hourly Simple Moving Average.
- There was a break above a short-term descending channel with resistance at $3,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it overcomes the USD 3,450 resistance level.
Ethereum price holds support
Ethereum price remained stable above the USD 3,250 level and started a new recovery wave, just like Bitcoin. ETH gained pace and rose above the USD 3,320 and USD 3,350 resistance levels.
There was a break above a short-term descending channel with resistance at $3,350 on the hourly chart of ETH/USD. The pair surpassed the 50% Fib retracement level from the recent decline from the $3,444 swing high to the $3,310 low.
Ethereum price is now trading above $3,365 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 3,400 level. It is close to the 76.4% Fib retracement level of the recent decline from the $3,444 swing high to the $3,310 low.
The first major resistance is around the $3,420 level. The main resistance is now forming around $3,450. A clear move above the USD 3,450 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 $3,360 level. The first major support is around $3,320.
A clear move below the USD 3,320 support could push the price towards the USD 3,250 support. Any further losses could send the price towards the USD 3,200 support level in the near term. The next major support is at $3,120.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3,320
Major resistance level – $3,450
