Ethereum Price Picks Up Speed: Recovery in Full Swing
Ethereum price started a decent recovery wave above the $3,240 area. ETH is rising and facing hurdles near the $3,480 area.
- Ethereum started a minor recovery above the $3,240 area.
- The price is trading above $3,320 and the 100 hourly simple moving average.
- There is a break above a short-term contracting triangle with resistance at $3,240 on the hourly chart of ETH/USD (data via Kraken).
- The pair is likely to continue rising if it breaks the $3,480 resistance.
Ethereum price rises more than 5%
Ethereum price begins recovery wave above $3,150 Bitcoin. ETH was able to clear the $3,180 and $3,240 resistance levels and enter short-term positive territory.
Additionally, there was a breakout of a short-term contracting triangle with resistance at $3,240 on the hourly chart of ETH/USD. The pair even surged above $3,350 and $3,400. The $3,480 area was last tested. A high was formed at $3,473 and the price is now consolidating gains.
The price fell slightly below the 23.6% Fib retracement level of the upward move from the $3,186 swing low to $3,473 high. Ethereum price is currently trading above $3,300 100 hour simple moving average.
On the bright side, the price seems to be facing a hurdle near the $3,450 level. The first major resistance level is near $3,480. Major resistance is currently forming near $3,500. A clear break above the $3,500 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 downside correction?
If Ethereum fails to break the $3,480 resistance, it may start another decline. Initial support on the downside is near $3,350. The first major support is located near $3,280, the 50% Fibonacci retracement level of the upward move from the $3,186 swing low to $3,473 high.
A clear break below the $3,280 support could push the price towards the $3,240 support. If there is further decline, the price may move towards the $3,120 support in the near term. The next key support is located at $3,050.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
hourly relative strength index – The RSI for ETH/USD is currently above the 50 area.
Major Support – $3,280
Major Resistance – $3,480
