ethereum price is attempting a recovery wave above the $3,500 zone. eth must overcome the $3,580 resistance to continue rising in the near term.
- ethereum started a decent recovery wave above the $3,350 zone.
- The price is trading above $3,450 and the 100 hourly simple moving average.
- There was a break above a short-term bullish flag pattern with resistance at $3,480 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue to rise if it settles above the $3,580 resistance zone.
ethereum Price Holds Support
ethereum price started a decent upward move above the $3,250 and $3,350 resistance levels, like bitcoin. eth even surpassed the $3,500 resistance to move into a positive zone.
A high was formed at $3,587 and there was a small pullback. The price fell below the $3,500 level and spiked below the 23.6% Fibonacci retracement level of the recovery wave from the low of $3,059 to the high of $3,587. However, the bulls are assets about $3,400.
Recently, there was a break above a short-term bullish flag pattern with resistance at $3,480 on the hourly chart of eth/USD. ethereum price is now trading above $3,500 and the 100 hourly simple moving average.
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Fountain: ETHUSD on TradingView.com
On the upside, immediate resistance is near the $3,550 level. The first major resistance is near the $3,580 level. The next key resistance lies at $3,670, above which the price could gain bullish momentum. In the indicated case, Ether could rise towards the $3,800 level. If there is a move above the $3,800 resistance, ethereum could even rally towards the $4,000 resistance. Any additional winnings could require a test of $4,080.
Another drop in eth?
If ethereum fails to overcome the $3,580 resistance, it could start another decline. Initial support on the downside is near the $3,410 level.
The first major support is near the $3,320 zone or the 50% Fibonacci retracement level of the recovery wave from the low of $3,059 to the high of $3,587. The next key support could be the $3,200 zone. A clear move below the $3,200 support could send the price towards $3,060. Any further losses could send the price towards the $3,000 level.
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 level.
Main Support Level: $3,400
Main Resistance Level: $3,580
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