What the Signs Say About Its Next Move
Ethereum price consolidated support above $3,180. ETH must clear the $3,350 resistance zone to start a fresh increase in the near term.
- Ethereum started fresh growth from the $3,180 support zone.
- The price is trading above $3,250 and the 100 hourly simple moving average.
- There is a break above a key bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD (via Kraken’s data feed).
- If the pair holds the $3,220 support level, another increase can begin.
Ethereum Price Destruction Resistance
Ethereum price started a decent move from $3,180 levels Bitcoin. ETH is able to move above the $3,220 and $3,250 resistance levels.
There is a break above a key bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD. The pair even surpassed $3,300 and tested $3,350. The high price came in the form of $3,346, and the price is now falling. There is a move below the $3,320 and $3,300 support levels.
From the $3,181 swing low to $3,346 highs, the price dropped to the 23.6% FIB retracement level. Ethereum price is now trading above $3,250 while 100 hour simple moving average.
On the bright side, the price seems to be facing a $3,350 hurdle. The first major resistance is near the $3,370 level. Now, major resistance is forming near $3,450.
A clear move above the $3,450 resistance may shift the price towards the $3,500 resistance. An upward breakout above the $3,500 resistance may call for more gains in the upcoming sessions. In the scenario stated, Ether may move higher towards the $3,550 resistance zone or even $3,580 in the short term.
Another drop for ETH?
If Ethereum fails to clear the $3,350 resistance, another decline is likely. Initial support on the downside is near the $3,260 level. The first major support is near $3,220.
A clear move below the $3,220 support may push the price towards the $3,180 support. In the short term, more losses may shift the price towards the $3,120 support level. Next key support is $3,050.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Major support level – $3,250
Major Resistance Level – $3,350
