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Ethereum price started a new recovery wave from the $3,320 area. ETH is strengthening and aims for a new surge above the $3,450 resistance level.
- Ethereum started a good recovery wave above the $3,350 area.
- The price is trading above the $3,365 level and the 100 hourly simple moving average.
- There was a break above the short-term downward channel with resistance at $3,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain upward momentum if it crosses the $3,450 resistance level.
Ethereum price holds support
Ethereum price remained stable above the $3,250 level and started a new recovery wave like Bitcoin. ETH gained speed moving above the $3,320 and $3,350 resistance levels.
There was a break above the short-term bearish channel with resistance at $3,350 on the hourly chart of the ETH/USD pair. The pair crossed the 50% Fibonacci retracement level of the recent decline from the high of $3,444 to the low of $3,310.
Ethereum price is now trading above $3,365 and the 100 hourly simple moving average. On the upside, the price appears to be facing hurdles near the $3,400 level. It is close to the 76.4% Fibonacci retracement level of the recent decline from the high of $3,444 to the low of $3,310.
The first major resistance is near the $3,420 level. The main resistance is now forming near $3,450. A clear move above the $3,450 resistance level could send the price towards the $3,550 resistance level.
A bullish break above the $3,550 resistance may require further gains in the coming sessions. In the mentioned case, Ether could rise towards the resistance area of $3,650 or even $3,720 in the near term.
Another drop in ETH?
If Ethereum fails to break above the $3,400 resistance level, it could start another decline. Initial support on the downside is near the $3,360 level. The first major support is near the $3,320 level.
A clear move below the $3,320 support level could push the price towards the $3,250 support level. Any further losses may send the price towards the $3,200 support level in the near term. The next major support is at $3,120.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Major support level – $3,320
Major resistance level – $3,450