Ethereum Price Revival: What the Signs Say About Its Next Move
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Ethereum price is consolidating above the $3,180 support. ETH must clear the $3,350 resistance zone to start a fresh increase in the near term.
Ethereum started a fresh increase from the $3,180 support zone.
The price is trading above $3,250 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another increase if it stays above the $3,220 support level.
Ethereum Price Breaks Resistance
Ethereum price started a decent upward move from the $3,180 level, beating Bitcoin. ETH was able to surpass the $3,220 and $3,250 resistance levels.
There was a break above a key bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD. The pair even surpassed $3,300 and tested $3,350. A high was formed at $3,346 and the price is now moving lower. There was a move below the $3,320 and $3,300 support levels.
The price dipped below the 23.6% Fib retracement level of the upward move from the $3,181 swing low to the $3,346 high. Ethereum price is now trading above $3,250 and the 100-hourly Simple Moving Average.
On the upside, the price seems to be facing hurdles near the $3,350 level. The first major resistance is near the $3,370 level. The main resistance is now forming near $3,450.
A clear move above the $3,450 resistance might send the price toward the $3,500 resistance. An upside break above the $3,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,580 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,260 level. The first major support sits near the $3,220.
A clear move below the $3,220 support might push the price toward the $3,180 support. Any more losses might send the price toward the $3,120 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,350
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