Ethereum price is moving higher above the USD 3,120 resistance zone. ETH could start a new rally if it breaks the USD 3,280 resistance zone.
- Ethereum is recovering higher and approaching the USD 3,280 resistance zone.
- The price is trading above USD 3,100 and the 100-hourly Simple Moving Average.
- There was a break above two connecting bearish trendlines with resistance at $3,070 and $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it closes above the $3,250 zone.
Ethereum price regains strength
Ethereum price formed a base above the USD 2,850 level and started a recovery wave, just like Bitcoin. ETH overcame a few key hurdles near $3,000 to enter a positive zone.
There was a break above two connecting bearish trendlines with resistance at $3,070 and $3,150 on the hourly chart of ETH/USD. The pair surpassed the 50% Fib retracement level on the downward move from the $3,278 swing high to the $2,867 low.
Ethereum is now trading above $3,120 and the 100-hourly Simple Moving Average. It is also consolidating above the 76.4% Fib retracement level of the downward move from the $3,278 swing high to the $2,867 low. The immediate resistance is near the USD 3,200 level.
The first major resistance is around the $3,250 level. The next major resistance is at USD 3,280, above which the price could gain strength and rise towards the USD 3,350 level.
Source: ETHUSD on TradingView.com
A close above the USD 3,350 resistance could send the price towards the USD 3,420 pivot level. If there is a move above the USD 3,420 resistance, Ethereum could even climb towards the USD 3,550 resistance. Any further gains could send Ether towards the USD 3,880 resistance zone in the coming days.
Another drop in ETH?
If Ethereum fails to clear the USD 3,250 resistance, it could trigger another decline. The initial downside support is near the $3,150 level. The first major support is near the $3,120 zone and the 100-hourly Simple Moving Average.
A clear move below the USD 3,120 support could increase selling pressure and send the price towards USD 3,020. Any further losses could send the price towards the USD 2,965 level in the near term.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $3,150
Major resistance level – $3,280
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