Ethereum price started a recovery wave from the $3220 support. Ethereum is now recovering some losses and may rise if it clears the $3,550 resistance.
- Ethereum started a new rally above the $3350 area.
- The price is trading above $3420 and the 100 hourly simple moving average.
- An uptrend line associated with the $3,425 support is forming on the hourly chart of ETH/USD (data feed via Kraken).
- If it crosses the resistance levels of $3520 and $3550, the pair can start a decent growth.
The start of Ethereum price recovery
Ethereum price remained stable above $3220 and began a wave of recovery Bitcoin. Ethereum was able to climb above the resistance levels of $3350 and $3400.
The price even crossed the $3,500 resistance level. However, bears remained active below the $3,550 level. A peak was formed at $3534 and the price is now consolidating profits. Some points below the 23.6% Fib retracement level of the recent wave corrected from $3,226 to $3,534 low.
The price of Ethereum is currently trading above $3420 100 hourly simple moving average. There is also an uptrend line forming associated with the $3,425 support on the hourly chart of ETH/USD.
On the upside, the price seems to be facing obstacles near the $3,520 level. The first major resistance is near the $3540 level.
Major resistance is now forming near $3,550. A clear move above the $3,550 resistance may push the price towards the $3,650 resistance. An upside break above the $3,650 resistance may bring more profit in future sessions. In the mentioned case, Ether could rise towards the $3,720 or even $3,800 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the $3,550 resistance, it can continue to move. Primary support on the downside is near the $3,425 level and the trend line. The first major support is near the $3,375 area.
A clear move below the $3,375 support may push the price towards the $3,320 support. Any further losses may take the price to the $3,220 support level in the short term. The next key support is $3110.
Technical indicators
Hourly MACD – MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3,425
The main resistance level – $3550
