ethereum price started a downward correction from the $3,520 area. eth remains stable above $3,420 and could attempt another surge in the near term.
- ethereum started a downward correction after failing to break above the $3,520 zone.
- The price is trading above $3,420 and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance near $3,470 on the hourly chart of eth/USD (data feed from Kraken).
- The pair must overcome the resistance levels of $3,470 and $3,520 to continue higher.
ethereum price corrects downwards
ethereum price started a decent upward move above the $3,420 level. eth even surpassed the $3,450 level to move into a short-term positive zone like bitcoin.
The price even broke above the $3,500 resistance zone. A high was formed at $3,516 and the price recently started a downside correction. There was a move below the $3,480 and $3,470 levels. The price fell below the 23.6% Fibonacci retracement level of the upward move from the $3,350 low to $3,516 high.
However, the bulls seem to be active near the $3,420 support zone. They are protecting the 50% Fibonacci retracement level of the upward move from the $3,350 low to $3,516 high.
ethereum is trading above the $3,420 level and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $3,470 level. There is also a bearish trend line forming that connects with resistance near $3,470 on the hourly chart of eth/USD.
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 $3,650. An upside break above the $3,650 resistance could push the price higher. Any more gains could send Ether towards the $3,720 resistance zone.
Is there support for dips in eth?
If ethereum fails to clear the $3,470 resistance, it could continue to decline. The initial support on the downside lies near $3,435. The first major support lies near the $3,420 zone.
A clear move below the $3,420 support could propel 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 losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 zone.
Major Support Level: $3,420
Major Resistance Level: $3,470
(tags to translate)ethbtc
