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.
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 hourly – 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 – $3,400
Major resistance level – $3,480
