Ethereum price started a new recovery wave above the $3,550 zone. ETH is consolidating and targeting a new high above the $3,700 resistance.
- Ethereum started a good recovery wave above the $3,550 zone.
- The price is trading above $3,620 and the 100-hourly simple moving average.
- A connecting bullish trend line is forming with support at $3,620 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could have a strong move if it clears the $3,700 resistance level.
The price of Ethereum is climbing above $3,650
Ethereum price remained stable above the $3,420 level and extended the recovery wave as Bitcoin. ETH gained momentum to move above the $3,550 and $3,620 resistance levels.
The bulls were able to cross the $3,650 resistance level. It opened the doors for a move towards the $3,700 level. A high was formed at $3,694 and the price is now consolidating gains above the 23.6% Fib level of the move up from the $3,569 swing low to the $3,694 high.
The price of Ethereum is now trading above $3,650 and the price of Ethereum is trading above $3,650 100-hour simple moving average. There is also a connecting bullish trend line forming with support at $3,620 on the hourly chart of ETH/USD. The trend line is near the 76.4% Fib level of the move up from the $3,569 low to the $3,694 high.
On the upside, the price appears to be facing obstacles near the $3,700 level. The first major resistance is near the $3,720 level. The main event now generates nearly $3,800. A clear move above the $3,800 resistance could send the price towards the $3,880 resistance.
An upside break against $3,880 could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the protection zone $3,920 or even $4,000 in the long term.
Another decline in ETH?
If Ethereum fails to clear the $3,700 resistance, it could start another decline. Initial support on the downside is near the $3,620 level and the trend line. The first major support is near the $3,550.
A clear move below the $3,550 support could push the price towards the $3,500 support. Any further losses could send the price towards the $3,420 support level in the short term. The next major support will be at $3,350.
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.
Prime Level Support – $3,620
Major Resistance Level – $3,700
