Ethereum price started a fresh recovery wave from the $3,320 zone. ETH is consolidating and aims for a fresh increase above the $3,450 resistance.
- Ethereum started a decent recovery wave above the $3,350 zone.
- The price is trading above $3,365 and the 100-hourly Simple Moving Average.
- There was a break above a short-term declining channel with resistance at $3,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,450 resistance level.
Ethereum Price Holds Support
Ethereum price remained stable above the $3,250 level and started a fresh recovery wave like Bitcoin. ETH gained pace for a move above the $3,320 and $3,350 resistance levels.
There was a break above a short-term declining channel with resistance at $3,350 on the hourly chart of ETH/USD. The pair surpassed the 50% Fib retracement level of the recent decline from the $3,444 swing high to the $3,310 low.
Ethereum price is now trading above $3,365 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,400 level. It is close to the 76.4% Fib retracement level of the recent decline from the $3,444 swing high to the $3,310 low.
The first major resistance is near the $3,420 level. The main resistance is now forming near $3,450. A clear move above the $3,450 resistance might send the price toward the $3,550 resistance.
An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,720 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $3,400 resistance, it could start another decline. Initial support on the downside is near the $3,360 level. The first major support sits near the $3,320.
A clear move below the $3,320 support might push the price toward the $3,250 support. Any more losses might send the price toward the $3,200 support level in the near term. The next key support sits at $3,120.
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 – $3,320
Major Resistance Level – $3,450
