Etherum price has started a recent wave of recovery from the $3,320 zone. ETH is consolidating and heading for a recent rally above the resistance at $3,450.

• Ethereum has started a decent rally above the $3,350 zone.
• The price is holding above $3,365 and the 100-hour straightforward moving average.
• There has been a breakout above the short-term descending channel with resistance at $3,350 on the ETH/USD hourly chart (data via Kraken).
• The pair could gain bullish momentum if it breaks the resistance level at $3,450.

Ethereum price maintains support

Ethereum price remained stable above the $3,250 level and began a recent wave of recovery, just like Bitcoin. ETH gained momentum to break above the $3,320 and $3,350 resistance levels.

On the hourly chart, ETH/USD has broken above the short-term descending channel with resistance at $3,350. The pair has breached the 50% Fib retracement level from its recent decline from a high of $3,444 to a low of $3,310.

Ethereum price is currently trading above $3,365 and the 100-hour straightforward moving average. On the other hand, the price seems to be facing some headwinds near the $3,400 level. This is close to the 76.4% Fib retracement level formed during the recent decline from a high of $3,444 to a low of $3,310.

The first major resistance is near the $3,420 level. The main resistance is currently forming near $3,450. A clear move above the resistance at $3,450 could push the price towards the resistance at $3,550.

An upward break above the resistance at $3,550 could trigger further gains in the coming sessions. In the given case, Ether may rise towards the resistance zone at $3,650 or even $3,720 in the near future.

Another ETH drop?

If Ethereum fails to break the resistance at $3,400, another decline could begin. Initial downside support is near the $3,360 level. The first major support is located near $3,320.

A clear move below the $3,320 support could push the price towards the $3,250 support. Any further losses could push the price towards the $3,200 support level in the near future. The next key support is at $3,120.

Technical indicators

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

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

Main support level – USD 3,320

Major resistance level – $3,450