A Gradual Increase in Sight?
Ethereum price started a new recovery from the $3,320 area. ETH is consolidating and targeting a break above the $3,450 resistance.
- Ethereum started a nice recovery wave above the $3,350 area.
- The price is trading above $3,365 and the 100 hourly simple moving average.
- ETH/USD broke out of a short-term descending channel with resistance at $3,350 on the hourly chart (data via Kraken).
- The pair is likely to gain bullish momentum if it breaks the $3,450 resistance.
Ethereum price holds support
Ethereum price stabilizes above $3,250 and begins a new leg of gains recovery wave like Bitcoin. ETH accelerated above the $3,320 and $3,350 resistance levels.
The ETH/USD pair broke out of a short-term descending channel with resistance at $3,350 on the hourly chart. The pair broke above the 50% Fib retracement level of the recent decline from a swing high of $3,444 to a low of $3,310.
Ethereum price is currently trading above $3,365 and the 100 hourly simple moving average. On the bright side, the price seems to be facing a hurdle near the $3,400 level. It is close to the 76.4% Fib retracement level of the recent swing high of $3,444 to low of $3,310.
The first major resistance level is near $3,420. Major resistance is now forming near $3,450. A clear break above the $3,450 resistance may push the price towards the $3,550 resistance.
An upside break above the $3,550 resistance may bring more gains in the coming sessions. In the above scenario, Ethereum may rise towards the $3,650 resistance zone or even $3,720 in the short term.
ETH falling again?
If Ethereum fails to break above the $3,400 resistance, it may start another decline. Initial support on the downside is near $3,360. The first major support is located near $3,320.
A clear break below the $3,320 support could push the price towards the $3,250 support. Any further losses could push the price towards the $3,200 support in the near term. The next key support is located at $3,120.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly relative strength index – The RSI for ETH/USD is currently above the 50 area.
Major Support – $3,320
Major Resistance – $3,450
