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ethereum price started a recovery wave from the $3,220 support. eth is now recovering some losses and could rise if it breaks the $3,550 resistance.
- ethereum started a fresh rise above the $3,350 zone.
- The price is trading above $3,420 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support at $3,425 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could start a decent rise if it breaks the $3,520 and $3,550 resistance levels.
ethereum price begins to recover
ethereum price remained stable above $3,220 and began a recovery wave like bitcoin. eth was able to overcome the $3,350 and $3,400 resistance levels.
The price even surpassed the $3,500 resistance level. However, the bears remained active below the $3,550 level. A high was formed at $3,534 and the price is now consolidating gains. It corrected a few points below the 23.6% Fibonacci retracement level of the recent wave from the low of $3,226 to the high of $3,534.
ethereum price is now trading above $3,420 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $3,425 on the hourly chart of eth/USD.
On the upside, the price seems to face obstacles near the $3,520 level. The first major resistance is near the $3,540 level.
The main resistance is now forming near $3,550. A clear move above the $3,550 resistance could send the price towards the $3,650 resistance. A bullish break above the $3,650 resistance could require more gains in the coming sessions. In the given case, Ether could rise towards the resistance zone of $3,720 or even $3,800.
Another drop in eth?
If ethereum fails to clear the $3,550 resistance, it could continue down. Initial support on the downside is near the $3,425 level and the trend line. The first major support lies near the $3,375 area.
A clear move below the $3,375 support could push the price towards the $3,320 support. Any further losses could send the price towards the $3,220 support level in the near term. The next key support lies at $3,110.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 zone.
Main Support Level: $3,425
Main Resistance Level: $3,550
