Ethereum price started a new wave of recovery from the $3,320 zone. ETH is consolidating and aiming for a fresh rise above the $3,450 resistance.
- Ethereum started a decent recovery wave above the $3,350 zone.
- The price is trading above $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 via Kraken).
- The pair could gain bullish momentum if it breaks the $3,450 resistance level.
Ethereum Price Holds Support
Ethereum price remained stable above the $3250 level and started a new recovery wave as bitcoin. ETH gained pace to break above the $3,320 and $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% Fibonacci retracement level of the recent decline from the high of $3,444 to the low of $3,310.
Ethereum price is now trading above $3,365 and the 100 hourly simple moving average. On the upside, the price seems to face obstacles near the $3,400 level. It is close to the 76.4% Fib retracement level of the recent drop from the high of $3,444 to the low of $3,310.
The first major resistance is near the $3,420 level. The main resistance is now forming near $3,450. A clear move above the $3,450 resistance could send the price towards the $3,550 resistance.
A bullish break above the $3,550 resistance could require more gains in the coming sessions. In the indicated case, Ether could rise towards the resistance zone of $3,650 or even $3,720 in the near term.
Another drop in ETH?
If Ethereum fails to overcome the $3,400 resistance, it could start another decline. Initial support on the downside is near the $3,360 level. The first major support is near $3,320.
A clear move below the $3,320 support could push the price towards the $3,250 support. Any further losses could send the price towards the $3,200 support level in the near term. The next key support lies at $3,120.
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 zone.
Main Support Level: $3,320
Main Resistance Level: $3,450
Fountain: NewsBTC.com
