Ethereum price is trying to make a fresh rise above the USD 3,420 resistance zone. ETH is now struggling to break the USD 3,480 and USD 3,520 resistance levels.
- Ethereum slowly moved higher above the $3,420 zone.
- The price is trading above $3,400 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance near $3,390 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair needs to overcome the USD 3,480 and USD 3,520 resistance levels to continue higher.
Ethereum price recovers slightly
Ethereum price started a decent recovery wave above the USD 3,350 level. ETH even breached the $3,400 level and outperformed Bitcoin. There was a break above a connecting bearish trendline with resistance near $3,390 on the hourly chart of ETH/USD.
The pair even managed to break the $3,450 resistance zone. It reached a high at $3,482 and the price is now consolidating gains. There was a move below the USD 3,450 level. The price fell below the 23.6% Fib retracement level of the upward move from the $3,328 swing low to the $3,482 high.
The bulls are now trying to protect more downside below the USD 3,420 level. Ethereum is trading above $3,400 and the 100-hourly Simple Moving Average.
On the upside, the price is facing resistance around the $3,480 level. The first major resistance is around the $3,500 level. The next major hurdle is near the USD 3,520 level. A close above the USD 3,520 level could send Ether towards the USD 3,550 resistance.
The next major resistance is near USD 3,620. An upside break above the USD 3,620 resistance could send the price higher. Even more gains could send Ether towards the USD 3,740 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 3,480 resistance, it could trigger another decline. The initial downside support is near USD 3,420. The first major support is near the $3,400 zone and the 50% Fib retracement level of the upward move from the $3,328 swing low to the $3,482 high.
A clear move below the USD 3,400 support could push the price towards USD 3,320. Any further losses could send the price towards the USD 3,240 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 zone.
Major support level – $3,400
Major resistance level – $3,480