Ethereum price started a fresh increase above $3,220. ETH is now consolidating and might eye more gains above the $3,270 resistance zone.
- Ethereum started a fresh increase above the $3,120 zone.
- The price is trading above $3,200 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $3,200 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another increase if it stays above the $3,200 level.
Ethereum Price Recovers
Ethereum price started a decent increase from the $3,020 zone, like Bitcoin. ETH was able to surpass the $3,120 and $3,150 resistance levels to move into a positive zone.
There was a break above a key bearish trend line with resistance at $3,200 on the hourly chart of ETH/USD. The pair surpassed the 50% Fib retracement level of the downward move from the $3,427 wing high to the $3,020 swing low.
However, the bears are now active near the $3,270 and $3,280 resistance levels. Ethereum price is now trading above $3,200 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles near the $3,270 level and the 61.8% Fib retracement level of the downward move from the $3,427 wing high to the $3,020 swing low. The first major resistance is near the $3,330 level. The main resistance is now forming near $3,360. A clear move above the $3,360 resistance might send the price toward the $3,450 resistance.
An upside break above the $3,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,650 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $3,270 resistance, it could start another decline. Initial support on the downside is near the $3,220 level. The first major support sits near the $3,200.
A clear move below the $3,200 support might push the price toward the $3,120 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000.
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 – $3,200
Major Resistance Level – $3,270
