Ethereum price is attempting a new uptrend above the $3,450 resistance zone. ETH needs to settle above $3,550 to continue its uptrend in the short term.
- Ethereum has been slowly rising above the $3,450 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 major bearish trendline with resistance near $3,415.
- To continue the uptrend, it needs to clear the $3,520 and $3,550 resistance levels.
Ethereum price faces resistance
Ethereum price has started a significant recovery above the $3,400 level. ETH has cleared the $3,420 level, moving into short-term positive territory like Bitcoin.
There was a break above the major bearish trend line with resistance near $3,415 on the hourly chart of ETH/USD. The pair even broke through the $3,500 resistance area. A high was formed at $3,516 and the price is currently in an uptrend.
Although there was a move below the $3,500 level, the price remained above the 23.6% Fibonacci correction 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-hour simple moving average. Current price action is positive and more upside is needed. Meanwhile, the price is finding resistance near $3,500. 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 could push Ether towards the $3,650 resistance. The next major resistance level is near $3,720. A breakout above the $3,720 resistance could push the price higher. Any further upside could push Ether towards the $3,880 resistance level.
Are dips limited in ETH?
If Ethereum fails to clear the $3,550 resistance, a downward correction could begin. Initial support on the downside is near $3,480. The first major support is near the $3,440 area, at the 50% Fib retracement level of the rise from the $3,350 swing low to the $3,516 high.
A clear move below the $3,420 support level could see prices move to $3,350. Further losses could see prices drop to the $3,320 level in the short term.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD has now crossed the 50 level.
Key Support Level – $3,420
Key Resistance Level – $3,550