Ethereum price is attempting a new move above the $3,420 resistance area. ETH is now fighting to clear the $3,480 and $3,520 resistance levels.
- Ethereum rose steadily above the $3,420 area.
- The price is trading above $3,400 and the 100-hourly Simple Moving Average.
- There was a break above the bearish line connecting to resistance near $3,390 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair should clear the $3,480 and $3,520 resistance levels to continue higher.
Ethereum Price Recovers Slowly
Ethereum price started a positive wave of recovery above the $3,350 level. ETH even cleared the $3,400 level and surpassed Bitcoin. There was a break above the bearish line connecting to resistance near $3,390 on the hourly chart of ETH/USD.
The pair even cleared the $3,450 resistance area. The top was built for $3,482 and the price now includes benefits. There was a move below the $3,450 level. The price dropped below the 23.6% Fib retracement level of the upward move from the swing low of $3,328 to the swing high of $3,482.
Bulls are now trying to protect more downsides below the $3,420 level. Ethereum is trading above $3,400 and the 100-hour Simple Moving Average.
On the other hand, the price is facing resistance near the $3,480 level. The first major resistance is near the $3,500 level. The next major hurdle is near the $3,520 level. A close above the $3,520 level could send Ether to the $3,550 resistance.
The next key resistance is near $3,620. A break above $3,620 could send the price higher. Any further gains could send Ether to the $3,740 resistance area.
Another Drop in ETH?
If Ethereum fails to clear the $3,480 resistance, it could start another decline. Initial support on the downside is near $3,420. The first major support sits near the $3,400 area and the 50% Fib retracement level of the move from the $3,328 swing low to the $3,482 swing high.
A clear move below the $3,400 support could push the price towards $3,320. Another loss could send the price to the $3,240 level in the near term.
Technical References
MACD per hour – MACD of ETH/USD is gaining momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,400
Major Resistance Level – $3,480
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