Ethereum price is attempting a fresh increase above the $3,420 resistance zone. ETH is now struggling to clear the $3,480 and $3,520 resistance levels.
- Ethereum slowly moved higher, breaking above the $3,420 zone.
- The price is trading above $3,400 and the 100 hourly simple moving average.
- A break above a connecting bearish trend line with resistance near $3,390 occurred on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to clear the $3,480 and $3,520 resistance levels to continue moving higher.
Ethereum price recovers slightly
Ethereum price has started a decent recovery wave above the $3,350 level. ETH has even surpassed the $3,400 level and has outperformed Bitcoin. There has been a break above a connecting bearish trend line with resistance near $3,390 on the hourly chart of ETH/USD.
The pair even broke above the resistance zone of $3,450. A high was formed at $3,482 and the price is now consolidating the gains. There was a move below the $3,450 level. The price fell below the 23.6% Fibonacci retracement level of the upward move from the low of $3,328 to the high of $3,482.
The bulls are now trying to secure further declines below the $3,420 level. Ethereum is trading above $3,400 and the 100 hourly simple moving average.
On the upside, the price is facing resistance near the $3,480 level. The first major resistance is near the $3,500 level. The next major hurdle is near the $3,520 level. A close above the $3,520 level could push Ether towards the $3,550 resistance.
The next key resistance is near $3,620. An upside break above the $3,620 resistance could send the price higher. Further gains could send Ether towards the $3,740 resistance zone.
Another drop for ETH?
If Ethereum fails to clear the $3,480 resistance, it could start another decline. The initial support on the downside is near $3,420. The first major support is near the $3,400 zone and the 50% Fibonacci retracement level of the upside move from the $3,328 swing low to $3,482 high.
A clear move below the $3,400 support could push the price towards $3,320. Further losses could push the price towards the $3,240 level in the near term.
Technical indicators
MACD Hourly – The MACD for ETH/USD is gaining momentum in the bullish zone.
RSI hourly – The RSI for ETH/USD is now above the 50 zone.
Major Support Level: $3,400
Major resistance level: $3,480
