The price of Ethereum started a nice rise above the $3,350 resistance. ETH is now recovering some losses and may gain momentum if it clears the $3,550 resistance.
- Ethereum started a new rise above the $3,400 zone.
- The price is trading above $3,450 and the 100-hourly simple moving average.
- A connecting bullish trend line is forming with support at $3,455 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a good rally if it clears the $3,525 and $3,550 resistance levels.
The price of Ethereum is aiming higher
The price of Ethereum started a nice rise above the $3,320 level Bitcoin. ETH was able to climb above the $3,400 and $3,420 resistance levels.
The price even cleared the $3,500 resistance level. However, the bears were still active below the $3,550 level. A high was formed at $3,535 and the price is now consolidating gains. It declined and traded below the 23.6% Fib level of the move up from the $3,225 swing low to the $3,534 high.
The price of Ethereum is now trading above $3,450 and the price of Ethereum is trading above $3,450 100-hour simple moving average. There is also a connecting bullish trend line forming with support at $3,455 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing obstacles near the $3,500 level. The first major resistance is near the $3,525 level.
The main event now generates nearly $3,550. A clear move above the $3,550 resistance could push the price towards the $3,620 resistance. An upside break against $3,620 could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the protection zone $3,680 or even $3,750.
Another decline in ETH?
If Ethereum fails to clear the $3,550 resistance, it could continue to decline. Initial support on the downside is near the $3,455 level and the trend line. The first major support sits near the $3,375 zone or the 50% Fib level of the move up from the $3,225 low to $3,534 high.
A clear move below the $3,375 support could push the price towards the $3,250 support. Any further losses could send the price towards the $3,220 support level soon. The next major support will be at $3,110.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Prime Level Support – $3,425
Major Resistance Level – $3,550
