Ethereum Price Hints at Upside: Analyzing The Bullish Signals

Ethereum price is trying to make a new high above the resistance area at $3,420. Ethereum is now struggling to clear the resistance levels at $3,480 and $3,520.

  • Ethereum price is slowly rising above the $3,420 area.
  • The price is trading above the $3,400 level and the 100 hourly simple moving average.
  • There was a break above a bearish trend line connected with resistance near $3,390 on the hourly chart of the ETH/USD pair (data feed via Kraken).
  • The pair must cross the $3,480 and $3,520 resistance levels to continue rising.

Ethereum price recovers slightly

Ethereum price has started a good recovery wave above the $3,350 level. ETH even crossed the $3,400 level and outperformed Bitcoin. There was a break above the connecting downtrend line with resistance near $3,390 on the hourly chart of the ETH/USD pair.

The pair even crossed the resistance area at $3,450. A top was formed at $3482 and now the price is consolidating its gains. There was a move below the $3450 level. The price fell below the 23.6% Fib retracement level of the upward move from the swing low at $3,328 to the swing high at $3,482.

The bulls are now trying to protect further declines below the $3,420 level. Ethereum is trading above the $3,400 level and the 100-hour simple moving average.

On the upside, the price is facing resistance near the $3,480 level. The first major resistance is near the $3,500 level. The next major hurdle is near the $3,520 level. A close above the $3,520 level could send Ether towards the $3,550 resistance level.

source: ETHUSD on TradingView.com

The next major resistance is near $3,620. An upside break above the $3,620 resistance could push the price higher. Any further gains could send Ether towards the $3,740 resistance area.

Another drop in ETH?

If Ethereum fails to clear the $3,480 resistance level, it could start another decline. The initial support on the downside is near $3,420. The first major support is near the $3,400 area and the 50% Fib retracement level of the upward move from the $3,328 swing low to $3,482 swing high.

A clear move below the $3,400 support could push the price towards $3,320. Any further losses could push the price towards $3,240 in the near term.

Technical indicators

MACD hourlyThe MACD indicator for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 area.

Major support level – $3,400

Major resistance level – $3,480

AnalyzingBullishethereumHintsPriceSignalsupside
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