Ethereum Price on The Move: Bulls Push for a Fresh Upside

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Ethereum price started a fresh recovery wave above the $3,250 zone. ETH is holding gains and might aim for a fresh increase above the $3,480 zone.

  • Ethereum started a decent recovery wave above the $3,240 zone.

  • The price is trading above $3,300 and the 100-hourly Simple Moving Average.

  • There was a break above a connecting bearish trend line with resistance at $3,320 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could continue to rise if it clears the $3,400 resistance level.


Ethereum Price Stays Above The Key Support


Ethereum price started a decent upward move above the $3,240 level but upsides were limited compared to Bitcoin. ETH was able to clear the $3,300 and $3,320 resistance levels to move into a short-term positive zone.


The pair even surged above the $3,350 and $3,400 levels. Finally, it tested the $3,480 zone. A high was formed at $3,473 and recently the price corrected some gains. There was a drop below the 23.6% Fib retracement level of the upward move from the $2,912 swing low to the $3,473 high.


Ethereum price is now trading above $3,280 and the 100-hourly Simple Moving Average. It is again rising and trading above $3,300. There was a break above a connecting bearish trend line with resistance at $3,320 on the hourly chart of ETH/USD.


On the upside, the price seems to be facing hurdles near the $3,400 level. The first major resistance is near the $3,420 level. The main resistance is now forming near $3,480. A clear move above the $3,480 resistance might send the price toward the $3,550 resistance.


Ethereum Price


An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,720 in the near term.


Downside Correction In ETH?


If Ethereum fails to clear the $3,400 resistance, it could start another decline. Initial support on the downside is near the $3,280 level. The first major support sits near the $3,200 or the 50% Fib retracement level of the upward move from the $2,912 swing low to the $3,473 high.


A clear move below the $3,200 support might push the price toward the $3,120 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000.

Technical Indicators

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

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,280

Major Resistance Level – $3,400

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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