Ethereum price started a recovery wave with support at $3,220. ETH is currently making up some losses and could rise if it breaks the resistance at $3,550.

• Ethereum has started a up-to-date rally above the $3,350 zone.
• The price is holding above $3,420 and the 100-hour uncomplicated moving average.
• A connecting bullish trendline is forming on the hourly chart of ETH/USD with support at $3,425 (data fed via Kraken).
• The pair could start a decent rally if it breaks the resistance levels at $3,520 and $3,550.

Etherum price begins recovery

Ethereum price remained stable above $3,220 and started a recovery wave, just like Bitcoin. ETH was able to climb above the resistance levels at $3,350 and $3,400.

The price even broke through the resistance level at $3,500. However, bears remained dynamic below the $3,550 level. The high was reached at $3,534 and the price is currently consolidating its increases. Corrected some points below the 23.6% Fib retracement level of the last wave from a low of $3,226 to a high of $3,534.

Ethereum price is currently trading above $3,420 and the 100-hour uncomplicated moving average. A connecting bullish trend line is also forming on the hourly chart of ETH/USD with support at $3,425.

On the other hand, the price seems to be facing some headwinds near the $3,520 level. The first major resistance is near the $3,540 level.

The main resistance is currently forming near $3,550. A clear move above the resistance at $3,550 could push the price towards the resistance at $3,650. An upward break above the resistance at $3,650 could trigger further gains in the coming sessions. In the given case, Ether may rise towards the resistance zone at USD 3,720 or even USD 3,800.

Another ETH drop?

If Ethereum does not break the resistance at $3,550, it may continue to decline. Initial downside support is located near the $3,425 level and the trend line. The first major support is located near the $3,375 zone.

A clear move below the $3,375 support could push the price towards the $3,320 support. Any further losses could push the price towards the $3,220 support level in the near future. The next key support is at $3,110.

Technical indicators

Hourly MACD – MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.

Main support level – USD 3,425

Major resistance level – $3,550