Bulls Push for a Controlled Comeback
Ethereum price has started a new recovery wave above the $3,400 area. ETH is consolidating and targeting a break above the $3,500 resistance.
- Ethereum started a nice recovery wave above the $3,450 area.
- The price is trading above $3,420 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $3,420 on the hourly chart of ETH/USD (data via Kraken).
- The pair may gain bullish momentum if it breaks the $3,500 resistance.
Ethereum price rises steadily
Ethereum price stabilizes above $3,320 and continues recovery wave Bitcoin. ETH accelerated above the $3,350 and $3,420 resistance levels.
Bulls are able to break through the $3,450 resistance. It opens the door towards the $3,500 level. A high was formed at $3,502 and prices are currently consolidating income. There was a slight break below the 23.6% Fib retracement level of the upward move from the $3,310 swing low to $3,502 high.
Ethereum price is currently trading above $3,400 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $3,420 on the hourly chart of ETH/USD.
On the bright side, the price seems to be facing a hurdle near the $3,480 level. The first major resistance level is near $3,500. Major resistance is currently forming near $3,550. A clear break above the $3,550 resistance may push the price towards the $3,650 resistance.
An upside break above the $3,650 resistance may bring more gains in the coming sessions. In the above scenario, Ethereum may rise towards the $3,780 resistance zone or even $3,880 in the short term.
Is ETH falling again?
If Ethereum fails to break above the $3,500 resistance, it may start another decline. Initial support on the downside is near the $3,420 level and the trend line. The first major support is located near $3,400, the 50% Fibonacci retracement level of the upward move from the $3,310 swing low to $3,502 high.
A clear break below the $3,400 support could push the price towards the $3,350 support. If there is further decline, the price may move towards the $3,280 support in the near term. The next key support is located at $3,220.
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 Level – $3,400
Major Resistance – $3,500
