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
* 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.
