ethereum price is attempting a fresh rise above the $3,450 resistance zone. eth must settle above $3,550 to continue rising in the short term.
- ethereum slowly rose above the $3,450 zone.
- The price is trading above $3,450 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $3,415 on the hourly chart of eth/USD (data feed via Kraken).
- The pair must overcome the resistance levels of $3,520 and $3,550 to continue rising.
ethereum price faces resistance
ethereum price started a decent recovery wave above the $3,400 level. eth even surpassed the $3,420 level to move into a short-term positive zone like bitcoin.
There was a break above a key bearish trend line with resistance near $3,415 on the hourly chart of eth/USD. The pair even surpassed the $3,500 resistance zone. A high was formed at $3,516 and the price is now consolidating gains.
There was a move below the $3500 level, but the price sustained above the 23.6% Fib retracement level of the upward move from the $3350 low to $3516 high.
ethereum is trading above $3,450 and the 100 hourly simple moving average. The current price action is positive and points to further upside. On the upside, the price is facing resistance near the $3,500 level. The first major resistance is near the $3,520 level.
The next major hurdle is near the $3,550 level. A close above the $3,550 level could send Ether towards the $3,650 resistance. The next key resistance is near $3,720. A bullish break above the $3,720 resistance could send the price higher. Any further gains could send Ether towards the $3,880 resistance zone.
Are eth dips limited?
If ethereum fails to overcome the $3,550 resistance, it could start a downward correction. Initial support on the downside is near $3,480. The first major support lies near the $3,440 zone and the 50% retracement level of the upward move from the low of $3,350 to the high of $3,516.
A clear move below the $3,420 support could push the price towards $3,350. Any further losses could send the price towards the $3,320 level in the near term.
Technical indicators
Hourly MACD – 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.
Major Support Level: $3,420
Main resistance level: $3550
(tags to translate)ethbtc
