Ethereum Price Bounces Back Yet Lacks Strong Bullish Drive
Ethereum price is attempting a fresh increase above the $3,450 resistance zone. ETH must settle above $3,550 to continue higher in the near term.
Ethereum slowly moved higher above the $3,450 zone.
The price is trading above $3,450 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance near $3,415 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear the $3,520 and $3,550 resistance levels to continue higher.
Ethereum Price Faces Resistance
Ethereum price started a decent recovery wave above the $3,400 level. ETH even cleared the $3,420 level to move into a short-term positive zone like Bitcoin.
There was a break above a key bearish trend line with resistance near $3,415 on the hourly chart of ETH/USD. The pair even cleared the $3,500 resistance zone. A high was formed at $3,516 and the price is now consolidating gains.
There was a move below the $3,500 level, but the price remained above the 23.6% Fib retracement level of the upward move from the $3,350 swing low to the $3,516 high.
Ethereum is trading above $3,450 and the 100-hourly Simple Moving Average. The current price action is positive and calling for more upsides. On the upside, the price is facing resistance near the $3,500 level. The first major resistance is near the $3,520 level.
The next major hurdle is near the $3,550 level. A close above the $3,550 level might send Ether toward the $3,650 resistance. The next key resistance is near $3,720. An upside break above the $3,720 resistance might send the price higher. Any more gains could send Ether toward the $3,880 resistance zone.
Are Dips Limited In ETH?
If Ethereum fails to clear the $3,550 resistance, it could start a downside correction. Initial support on the downside is near $3,480. The first major support sits near the $3,440 zone and the 50% Fib retracement level of the upward move from the $3,350 swing low to the $3,516 high.
A clear move below the $3,420 support might push the price toward $3,350. Any more losses might send the price toward the $3,320 level in the near term.
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 – $3,420
Major Resistance Level – $3,550
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