Ethereum price is consolidating above the $3,180 support. ETH needs to clear the $3,350 protection zone to start a new uptrend in the short term.
- Ethereum started a new rise from the $3,180 support area.
- The price is trading above $3,250 and the 100-hourly simple moving average.
- There was a break above the main bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another rally if it holds above the $3,220 support level.
The exchange rate of Ethereum is going down against kina
The price of Ethereum started a good move up from the $3,180 level, hitting Bitcoin. ETH was able to cross the $3,220 and $3,250 resistance levels.
There was a break above the main bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD. The pair even crossed $3,300 and tested $3,350. A high was formed at $3,346 and the price is now moving lower. There was a move below the $3,320 and $3,300 support levels.
The price broke below the 23.6% Fib retracement of the move up from the $3,181 swing low to the $3,346 high. The price of Ethereum is now trading above $3,250 and the exchange rate of Ethereum has increased against the US dollar 100-hour simple moving average.
On the upside, the price seems to be facing obstacles near the $3,350 level. The first major resistance is near the $3,370 level. The main event now generates nearly $3,450.
A clear move above the $3,450 resistance could send the price towards the $3,500 resistance. An upside break against $3,500 could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the protection zone $3,550 or even $3,580 in the long term.
Another decline in ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,260 level. The first major support is near the $3,220.
A clear move below the $3,220 support could push the price towards the $3,180 support. Any further losses could send the price towards the $3,120 support level soon. The next major support will be at $3,050.
Technical Indicators
Hourly MACD – 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.
Senior Support Level – $3,250
Major Resistance Level – $3,350
