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The Ethereum price consolidates above the support of $ 3,180. ETH must clean up the $ 3,350 resistance zone in order to start a new increase in the short term.
- Ethereum started a new increase from the $ 3,180 support zone.
- The price acts above $ 3,250 and the 100-hour Simple Moving Average.
- There was a breakthrough over an important bearish trend line with resistance at $ 3,280 at the hour graph of ETH/USD (data daai via Kraken).
- The pair could rise again if it remains above the $ 3,220 support level.
Ethereum price breaks the resistance
The Ethereum prize started a considerable upward movement from the $ 3,180 level and defeated Bitcoin. ETH was able to exceed the resistance levels of $ 3,220 and $ 3,250.
There was a breakthrough over an important bearish trend line with resistance at $ 3,280 at the hour graph of ETH/USD. The pair even surpassed $ 3,300 and tested $ 3,350. A highlight was reached at $ 3,346 and the price is now lower. There was a movement under the support levels of $ 3,320 and $ 3,300.
The price fell below the 23.6% FIB racement level of the upward movement of the $ 3,181 Swing Low to $ 3,346 High. The Ethereum price now acts above $ 3,250 and the 100-hour Simple Moving Average.
On the positive side, the prize seems to have obstacles around the level of $ 3,350. The first major resistance is around the $ 3,370 level. The most important resistance is now around $ 3,450.
A clear movement above the $ 3,450 resistance could send the price to the $ 3,500 resistance. An upward breakthrough above the $ 3,500 resistance could cause more profit in the upcoming sessions. In the mentioned case, Ether could rise in the short term to the $ 3,550 or even $ 3,580 resistance zone.
A new fall in ETH?
If Ethereum fails to eliminate the $ 3,350 resistance, it could cause a new decrease. The initial downward support is close to the level of $ 3,260. The first major support is around $ 3,220.
A clear movement under the support of $ 3,220 could push the price towards the support of $ 3,180. Any further losses could send the price in the short term to the support level of $ 3,120. The next important support is $ 3,050.
Technical indicators
Macd per hour – The MACD for ETH/USD is gaining force in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50-zone.
Large level of support – $ 3,250
Large resistance level – $ 3,350
