ethereum price started a decent upward move from the $3080 support zone. eth is recovering and it could aim for a test of the $3500 resistance zone.
- ethereum is showing positive signs from the pivot zone of $3,150.
- The price is trading above $3,250 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $3,280 on the hourly chart of eth/USD (data feed from Kraken).
- The pair could continue to rise if it stays above the $3,280 support zone.
ethereum Price Eyes Steady Rise To $3,500
ethereum price formed a base above the $3080 support zone. A low was formed at $3087 and the price started a considerable increase above the $3220 resistance zone but lagged behind bitcoin’s strength.
There was a break above a key bearish trend line with resistance at $3280 on the hourly chart of eth/USD. The pair managed to surpass the 50% Fibonacci retracement level of the downward move from the $3540 high to $3087 low.
ethereum is now trading above the $3,250 level and the 100 hourly simple moving average. If there are further increases, the price could find resistance near the $3,375 level or the 61.8% Fibonacci retracement level of the downward move from the $3,540 high to $3,087 low.
The first major resistance is near the $3,400 level. The next major hurdle is near the $3,450 level. A close above the $3,450 level could send Ether towards the $3,500 resistance. The next key resistance is near $3,550. An upside break above the $3,550 resistance could send the price towards the $3,720 resistance zone in the coming days.
Are eth dips limited?
If ethereum fails to clear the $3,400 resistance, it could start a downside correction. The initial support on the downside is near $3,280. The first major support lies near the $3,250 zone.
A clear move below the $3,180 support could propel the price towards $3,120. Any further losses could send the price towards the $3,080 support level in the near term. The next key support lies at $3,050.
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: $3250
Major Resistance Level: $3400
(tags to translate)ethbtc
