The price of Ethereum started to rise above the $3350 resistance. Ethereum is now recovering some losses and may accelerate if it clears the $3,550 resistance.
- Ethereum started a new rally above the $3400 area.
- The price is trading above $3450 and the 100 hourly simple moving average.
- An uptrend line associated with the $3,455 support is forming on the hourly chart of ETH/USD (data feed via Kraken).
- If it crosses the resistance levels of $3,525 and $3,550, the pair can start a decent rally.
Ethereum price target is higher
Ethereum price started a decent rally above the $3320 level Bitcoin. Ethereum managed to climb above the resistance levels of $3400 and $3420.
The price even crossed the $3,500 resistance level. However, bears remained active below the $3,550 level. A peak was formed at $3,535 and the price is now consolidating profits. It declined and traded below the 23.6% retracement Fib retracement level of $3,225 to $3,534.
The price of Ethereum is currently trading above $3450 100 hourly simple moving average. An uptrend line is also forming associated with the $3,455 support on the hourly chart of ETH/USD.
On the upside, the price seems to be facing obstacles near the $3,500 level. The first major resistance is near the $3,525 level.
Major resistance is now forming near $3,550. A clear move above the $3,550 resistance may push the price towards the $3,620 resistance. An upside break above the $3,620 resistance may bring more profit in future sessions. In the mentioned case, Ether could rise towards the $3,680 or even $3,750 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 $3,455 level and the trend line. The first major support is near the $3,375 area or the 50% Fib retracement level of the upward move from $3,225 to the $3,534 low.
A clear move below the $3,375 support may push the price towards the $3,250 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 below the 50 area.
Major support level – $3,425
The main resistance level – $3550
