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Ethereum price has started a up-to-date wave of recovery above the $3,400 zone. ETH is consolidating and heading for a up-to-date rally above the resistance at $3,500.
- Etherum has started a decent rally above the $3,450 zone.
- The price is holding above $3,420 and the 100-hour plain moving average.
- A connecting bullish trendline is forming on the hourly chart of ETH/USD with support at $3,420 (data suction via Kraken).
- The pair could gain bullish momentum if it breaks the resistance level at $3,500.
The price of Ethereum is constantly rising
Ethereum price remained stable above the $3,320 level and extended its recovery wave similar to Bitcoin. ETH gained momentum to break above the $3,350 and $3,420 resistance levels.
The bulls managed to break the resistance level at $3,450. This opened the door to a move towards the $3,500 level. The maximum was reached at $3,502 and the price is currently consolidating its increases. There was a slight decline below the 23.6% Fib retracement level resulting from the upward move from the low of $3,310 to the high of $3,502.
Ethereum price is currently trading above $3,400 and the 100-hour plain moving average. A connecting bullish trend line is also forming on the hourly chart of ETH/USD with support at $3,420.
On the other hand, the price seems to be facing some headwinds near the $3,480 level. The first major resistance is near the $3,500 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 $3,780 or even $3,880 in the near future.
Another ETH drop?
If Ethereum fails to break the resistance at $3,500, another decline could begin. Initial downside support is located near the $3,420 level and the trend line. The first major support is located near the $3,400 retracement level or the 50% Fib retracement level, marking an upward move from a low of $3,310 to a high of $3,502.
A clear move below the $3,400 support could push the price towards the $3,350 support. Any further losses could push the price towards the $3,280 support level in the near future. The next key support is at $3,220.
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 3,400
Main resistance level – $3,500