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Ethereum price began a new recovery above the $3,250 area. ETH is maintaining its upward trend and may target a new rally above $3,480.
- Ethereum began a significant recovery above the $3,240 area.
- The price is trading above $3,300 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a breakout occurred above a bearish trend line connecting with resistance at $3,320.
- A break above the $3,400 resistance level could see the pair continue to rise.
Ethereum price remains above key support.
Ethereum price began a significant rally above the $3,240 level, but the gains were limited compared to Bitcoin. ETH was able to move into near-term positive territory by clearing the $3,300 and $3,320 resistance levels.
The pair even surged above the $3,350 and $3,400 levels. It last tested the $3,480 zone. The highest price was reached at $3,473, with the price recently correcting some gains. It fell below the 23.6% Fib retracement level of the upward move from the $2,912 swing low to the $3,473 high.
Ethereum price is currently trading above $3,280 and the 100-hour simple moving average. It has risen again and is trading above $3,300. On the hourly chart of ETH/USD, a breakout occurred above the bearish trend line connecting the resistance level at $3,320.
On the other hand, the price appears to be facing a hurdle near the $3,400 level. The first major resistance is near the $3,420 level. Major resistance is currently forming near $3,480. A clear break above the $3,480 resistance level could push the price towards the $3,550 resistance level.
An uptick above the $3,550 resistance could lead to further gains in the coming sessions. If indicated, Ethereum could rise to the $3,650 resistance zone or $3,720 in the near term.
Fixing ETH’s shortcomings?
If Ethereum fails to clear the $3,400 resistance, another decline could begin. Initial support for the downside is near the $3,280 level. The first major support is near the $3,200 or 50% Fib retracement of the rise from the $2,912 swing low to the $3,473 high.
A clear move below the $3,200 support could push the price towards the $3,120 support. More losses may push the price towards the $3,050 support level in the near term. The next major support is $3,000.
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 zone.
Key Support Level – $3,280
Key Resistance Level – $3,400