Ethereum price started a new recovery wave from the $3320 area. Ethereum is consolidating and targeting a fresh rally above the $3,450 resistance.
- Ethereum started a decent recovery wave above the $3350 area.
- The price is trading above $3365 and the 100 hourly simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken) there was a break above the short-term descending channel with resistance at $3350.
- If it clears the $3450 resistance level, the pair can gain upward momentum.
Ethereum holds price support
Ethereum price held steady above the $3,250 level and started a new trend Recovery wave such as Bitcoin. ETH gained momentum to move above the $3,320 and $3,350 resistance levels.
On the hourly chart of ETH/USD there was a break above the short-term descending channel with resistance at $3350. The pair surpassed the 50% retracement fib level of the recent decline from $3,444 to a low of $3,310.
Ethereum is now trading above $3,365 and the 100-hour simple moving average. On the upside, the price seems to be facing obstacles near the $3,400 level. It is close to the 76.4% retracement Fib level of the recent drop from $3444 to $3310 low.
The first major resistance is near the $3420 level. Major resistance is now forming near $3,450. A clear move above the $3,450 resistance may push the price towards the $3,550 resistance.
An upside break above the $3,550 resistance may require more profit in future sessions. In the mentioned case, ether could rise towards the resistance zone of $3650 or even $3720 in the short term.
Another drop in ETH?
If Ethereum fails to clear the $3,400 resistance, it may start another decline. Initial support on the downside is near the $3,360 level. The first major support is near $3,320.
A clear move below the $3,320 support may push the price towards the $3,250 support. Any further losses may take the price to the $3,200 support level in the short term. The next key support is $3120.
Technical indicators
Hourly MACD – The MACD for ETH/USD is rising in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Main support level – $3320
The main resistance level – $3450
