ethereum price is attempting a fresh surge above the $3,420 resistance zone. eth is now struggling to overcome the $3,480 and $3,520 resistance levels.
- ethereum slowly moved above the $3,420 area.
- The price is trading above $3,400 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance near $3,390 on the hourly chart of eth/USD (data provided by Kraken).
- The pair must overcome the resistance levels of $3,480 and $3,520 to continue higher.
ethereum price recovers slightly
ethereum price started a decent recovery wave above the $3,350 level. eth even surpassed the $3,400 level and outperformed bitcoin. There was a break above a connecting bearish trend line with resistance near $3,390 on the hourly chart of eth/USD.
The pair even surpassed the $3,450 resistance zone. A high was formed at $3,482 and the price is now consolidating gains. There was a move below the $3,450 level. The price fell below the 23.6% Fib retracement level of the upward move from the $3,328 low to $3,482 high.
The bulls are now trying to protect further downsides below the $3,420 level. ethereum is trading above the $3,400 level and the 100 hourly 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.
The next key resistance is near the $3,620 level. An upside break above the $3,620 resistance could push the price higher. Any further gains could send Ether towards the $3,740 resistance zone.
Another drop in eth?
If ethereum fails to overcome the $3,480 resistance, it could start another decline. Initial support on the downside is near $3,420. The first major support lies near the $3,400 zone and the 50% Fibonacci retracement level of the upward move from the low of $3,328 to the high of $3,482.
A clear move below the $3,400 support could propel the price towards $3,320. Any further losses could send the price towards the $3,240 level in the near term.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 zone.
Main Support Level: $3400
Major Resistance Level: $3,480
