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Ethereum price started a recovery wave from the $3,220 support level. ETH is now recovering from some losses and may rise if it crosses the $3,550 resistance level.
- Ethereum has started a new surge above the $3,350 area.
- The price is trading above the $3,420 level and the 100 hourly simple moving average.
- There is a solid uptrend line forming with support at $3,425 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a good increase if it crosses the $3,520 and $3,550 resistance levels.
Ethereum price starts to recover
Ethereum price remained stable above $3,220 and started a recovery wave like Bitcoin. ETH managed to rise above the $3,350 and $3,400 resistance levels.
The price even crossed the $3,500 resistance level. However, the bears remained active below the $3,550 level. The high was formed at $3,534 and the price is now consolidating its gains. It corrected some points below the 23.6% Fib retracement level of the last wave from the swing low of $3,226 to the swing high of $3,534.
Ethereum price is now trading above $3,420 and the 100 hourly simple moving average. There is also a connected uptrend line forming with support at $3,425 on the hourly chart of ETH/USD.
On the upside, the price appears to be facing hurdles near the $3,520 level. The first major resistance is near the $3,540 level.
The main resistance is now forming near $3,550. A clear move above the $3,550 resistance level could send the price towards the $3,650 resistance level. A bullish break above the $3,650 resistance may require further gains in the coming sessions. In the mentioned case, Ethereum price could rise towards the resistance area of $3,720 or even $3,800.
Another drop in ETH?
If Ethereum fails to break above the $3,550 resistance level, it may continue to move lower. Initial support on the downside is near the $3,425 level and the trend line. The first major support is near the $3,375 area.
A clear move below the $3,375 support level could push the price towards the $3,320 support level. Any further losses could send the price towards the $3,220 support level in the near term. The next major support is at $3,110.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Key Support Level – $3,425
Major resistance level – $3,550
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