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Ethereum price is trying to rise above the $3,420 resistance area. ETH is now struggling to surpass the $3,480 and $3,520 resistance levels.
- Ethereum price is slowly rising above the $3420 area.
- The price is trading above $3,400 and the 100-hour simple moving average.
- There was a break above the downtrend line connected with resistance near $3,390 on the hourly chart of the ETH/USD pair (data feed via Kraken).
- The pair must surpass the $3,480 and $3,520 resistance levels to continue rising.
Ethereum price recovers slightly
Ethereum price has started a good recovery wave above the $3,350 level. Ethereum even crossed the $3,400 level and outperformed BitcoinThere was a break above the downtrend line connected to the resistance near $3,390 on the hourly chart of the ETH/USD pair.
The husband even surveyed $3,450 resistance area. A high was formed at $3,482 and the price is now consolidating its gains. There was a move below the $3,450 level. The price fell below the 23.6% Fib retracement level of the upward move from the $3,328 swing low to $3,482 swing high.
The bulls are now trying to protect further declines below the $3,420 level. Ethereum is trading above the $3,400 level and the 100-hour simple moving average.
On the positive side, the price is facing resistance near the $3,480 level. The first major resistance is near the $3,500 level. The next major hurdle is near the $3,520 level. A close above $3,520 could send Ether towards the $3,550 resistance level.
The next major resistance is near $3,620. An upside break above the $3,620 resistance could push the price higher. Any further gains could send Ether towards the $3,740 resistance area.
Another drop in ETH?
If Ethereum fails to break above the $3,480 resistance level, it may start to decline again. Initial support on the downside is near $3,420. The first major support is near the $3,400 area and the 50% Fib retracement level of the upside move from the $3,328 swing low to the $3,482 high.
A clear move below the $3,400 support could push the price towards $3,320. Any further losses could push the price towards the $3,240 level in the near term.
Technical indicators
Hourly MACD – The MACD indicator for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Key Support Level – $3,400
Key Resistance Level – $3,480
