Ethereum price began a recovery in the $3,050 region. ETH is up over 10% and is currently struggling to break the $3,550 resistance area.
- Ethereum began a significant recovery in the $3,050 region.
- The price is trading above $3,350 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 at $3,400.
- If it settles above the $3,550 resistance zone, it could continue to rise.
Ethereum price begins to recover
Ethereum price, like Bitcoin, expanded its decline below the $3,350 and $3,200 levels. ETH also dipped below the $3,150 support level before beginning an upward trend. Tested the $3,050 zone.
The lowest point was made at $3,059 and the price is rising. A strong recovery wave emerged above the $3,350 resistance. Price cleared the 50% Fib retracement level of the bearish wave from the $3,675 swing high to the $3,059 low.
Additionally, on the hourly chart of ETH/USD, a breakout occurred above the main bearish trend line with resistance at $3,400. Ethereum price is currently trading above $3,400 and the 100-hour simple moving average.
On the upside, immediate resistance lies near the $3,520 level or the 76.4% Fib retracement level of the bearish wave from the $3,675 swing high to the $3,059 low. The first major resistance is near the $3,550 level. The next major resistance level is $3,675, above which the price could gain upward momentum.
Source: ETHUSD on TradingView.com
If specified, Ethereum could rise to the $3,820 level. If there is a move above the $3,820 resistance, Ethereum may rise to the $4,000 resistance. A test of $4,080 may be needed for further gains.
Another drop in ETH?
If Ethereum fails to clear the $3,550 resistance, another decline could begin. Initial support for the downside is near the $3,380 level.
The first major support is near the $3,320 area. The next major support could be the $3,220 zone. A clear move below the $3,220 support could lead the price towards $3,150. Any more losses could push the price down to the $3,050 level.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $3,380
Key Resistance Level – $3,550
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