Bulls Push for a Fresh Upside
Ethereum price started a new recovery wave above the $3,250 area. ETH is holding on to gains and may target fresh gains above the $3,480 area.
- Ethereum started a nice recovery wave above the $3,240 area.
- The price is trading above $3,300 and the 100 hourly simple moving average.
- There was a break above the connecting bearish trend line with resistance at $3,320 on the hourly chart of ETH/USD (data via Kraken).
- The pair is likely to continue rising if it breaks the $3,400 resistance.
Ethereum price remains above key support
Ethereum price started a sharp rise above $3,240, but with Bitcoin. ETH was able to clear the $3,300 and $3,320 resistance levels and enter short-term positive territory.
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 corrected some of the gains recently. There was a break below the 23.6% Fib retracement level of the upward move from the $2,912 swing low to $3,473 high.
Ethereum price is currently trading above $3,280, 100 hour simple moving average. It rose again and is trading above $3,300. There was a break above the connecting bearish trend line with resistance at $3,320 on the hourly chart of ETH/USD.
On the bright side, the price seems to be facing a hurdle near the $3,400 level. The first major resistance level is near $3,420. Major resistance is currently forming near $3,480. A clear break above the $3,480 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 $3,400 resistance, it may start another decline. Initial support on the downside is near $3,280. The first major support is located near $3,200, the 50% Fibonacci retracement level of the upward move from the $2,912 swing low to $3,473 high.
A clear break below the $3,200 support could push the price towards the $3,120 support. Any further losses may push the price towards the $3,050 support in the near term. The next key support is located at $3,000.
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 – $3,280
Major Resistance – $3,400
