Ethereum price started a small recovery wave above the $3,120 zone. ETH is rising and facing hurdles near the $3,240 zone.
- Ethereum started a small recovery wave above the $3,120 zone.
- The price is trading above $3,200 and the 100-hourly Simple Moving Average.
- A short-term contracting triangle is forming at resistance at $3,240 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could struggle to start a fresh rise above the USD 3,240 resistance level.
Ethereum price aims higher
Ethereum price started a recovery wave above the USD 3,050 level, just like Bitcoin. ETH was able to break the USD 3,080 and USD 3,120 resistance levels and move into a positive short-term zone.
The price even crossed the 50% Fib retracement level of the downward move from the $3,334 swing high to the $2,920 low. However, the bears are active around the $3,220 and $3,240 levels. A short-term contracting triangle is also forming with resistance at $3,240 on the hourly chart of ETH/USD.
The Ethereum price is now trading just above $3,200 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 3,230 level. It is close to the 76.4% Fib retracement level of the downward move from the $3,334 swing high to the $2,920 low. The first major resistance is around the $3,240 level.
The main resistance is now forming around $3,330. A clear move above the USD 3,330 resistance could send the price towards the USD 3,450 resistance. An upside break above the USD 3,450 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,500 or even USD 3,550 resistance zone in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 3,240 resistance, it could trigger another decline. The initial downside support is near the $3,180 level. The first major support is around $3,120.
A clear move below the USD 3,120 support could push the price towards the USD 3,050 support. Any further losses could send the price towards the USD 3,020 support level in the near term. The next major support is at $2,920.
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 – $3,120
Major resistance level – $3,240
