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Ethereum price is trying to rise above the $3,450 resistance area. ETH must settle above $3,550 to continue the rise in the near term.
- Ethereum price is slowly rising above the $3,450 area.
- The price is trading above the $3,450 level and the 100 hourly simple moving average.
- There was a break above a major downtrend line with resistance near $3,415 on the hourly chart of the ETH/USD pair (data feed via Kraken).
- The pair must surpass the $3,520 and $3,550 resistance levels to continue higher.
Ethereum price is facing resistance
Ethereum price has started a good recovery wave above the $3,400 level. Ethereum even crossed the $3420 level to move into a short-term positive zone such as Bitcoin.
There was a break above a major downtrend line with resistance near $3,415 on the hourly chart of the ETH/USD pair. The husband even crossed over $3,500 resistance areaA high was formed at $3,516 and the price is now consolidating its gains.
There was a move below the $3,500 level, but the price remained above the 23.6% Fib retracement level of the upward move from the $3,350 low to $3,516 high.
Ethereum is trading above the $3,450 level and the 100 hourly simple moving average. The current price action is positive and calls for further upside. On the positive side, the price is facing resistance near the $3,500 level. The first major resistance is near the $3,520 level.
The next major hurdle is near the $3,550 level. A close above the $3,550 level could send Ether towards the $3,650 resistance level. The next major resistance is near the $3,720 level. An upside break above the $3,720 resistance level could send the price higher. Any further gains could send Ether towards the $3,880 resistance area.
Are the declines in ETH limited?
If Ethereum fails to break above the $3,550 resistance level, it could start a downward correction. Initial support on the downside is near $3,480. The first major support is near the $3,440 area and the 50% Fib retracement level of the upside move from the $3,350 swing low to the $3,516 high.
A clear move below the $3,420 support could push the price towards $3,350. Any further losses could push the price towards the $3,320 level in the near term.
Technical indicators
MACD Hourly – The MACD 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 – $3420
Key Resistance Level – $3550
