Ethereum price started a new wave of recovery above the $3400 zone. Ethereum is consolidating and targeting a fresh rally above the $3,500 resistance.
- Ethereum started a decent recovery wave above the $3450 area.
- The price is trading above $3420 and the 100 hourly simple moving average.
- An uptrend line associated with the $3,420 support is forming on the hourly chart of ETH/USD (data feed via Kraken).
- If it crosses the $3,500 resistance level, the pair can gain upward momentum.
The price of Ethereum is steadily increasing
Ethereum price held firm above the $3,320 level, extending its recovery wave as it did Bitcoin. ETH gained momentum to move above the $3,350 and $3,420 resistance levels.
The bulls managed to break through the $3450 resistance level. It opened the door for a move towards the $3500 level. The peak was formed at $3502 and the price is now consolidating Achievements. A minor decline below the 23.6% Fib retracement level was the upside move from $3,310 to the $3,502 low.
Ethereum is now trading above $3,400 and the 100-hour simple moving average. There is also an uptrend line forming associated with the $3,420 support on the hourly chart of ETH/USD.
On the upside, the price seems to be facing obstacles near the $3480 level. The first major resistance is near the $3,500 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 require more profit in future sessions. In the mentioned case, ether could rise to the resistance zone of $3780 or even $3880 in the short term.
Another drop in ETH?
If Ethereum fails to clear the $3,500 resistance, it may start another decline. Primary support on the downside is near the $3,420 level and the trend line. The first major support is near $3,400 or the 50% Fib retracement level of the move up from $3,310 to $3,502.
A clear move below the $3,400 support may push the price towards the $3,350 support. Any further losses may take the price to the $3,280 support level in the short term. The next key support is $3,220.
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 – $3400
The main resistance level – $ 3500
