Ethereum price is attempting to recover beyond the $3,500 area. For ETH to continue rising in the near term, the resistance at $3,580 needs to be cleared.
- Ethereum began a significant recovery above the $3,350 area.
- The price is trading above $3,450 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a short-term bullish flag pattern with resistance at $3,480.
- If it settles above the $3,580 resistance zone, it could continue to rise.
Ethereum price maintains support
Ethereum price, like Bitcoin, began a significant uptrend above the $3,250 and $3,350 resistance levels. ETH crossed the $3,500 resistance and moved into positive territory.
A high was reached at $3,587 and there was a slight decline. The price dipped below the $3,500 level and surged below the 23.6% Fib retracement level of the recovery wave from the $3,059 swing low to the $3,587 high. However, bulls are active near $3,400.
Recently, on the hourly chart of ETH/USD, there was a break above a short-term bullish flag pattern with resistance at $3,480. Ethereum price is currently trading above $3,500 and the 100-hour simple moving average.
Source: ETHUSD on TradingView.com
On the other hand, immediate resistance is close to the $3,550 level. The first major resistance is near the $3,580 level. The next major resistance level is $3,670, above which the price could gain upward momentum. If specified, Ethereum could rise to the $3,800 level. If there is a move above the $3,800 resistance level, Ethereum may head towards the $4,000 resistance level. A test of $4,080 may be needed for further gains.
Another decline in ETH?
If Ethereum fails to clear the $3,580 resistance, another decline could begin. Initial support for the downside is near the $3,410 level.
The first major support is near the $3,320 zone or the 50% Fib retracement level of the recovery wave from the $3,059 swing low to the $3,587 high. The next major support could be the $3,200 zone. A clear move below the $3,200 support could lead the price towards $3,060. Any more losses could push the price down to the $3,000 level.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $3,400
Key Resistance Level – $3,580
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