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Ethereum price began a new recovery above the $3,400 area. ETH is consolidating and targeting a fresh rally above the $3,500 resistance.
- Ethereum began a significant recovery above the $3,450 area.
- The price is trading above $3,420 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a bullish trendline connected to support at $3,420.
- A break above the $3,500 resistance could provide bullish momentum.
Ethereum price continues to rise
Ethereum price remained stable above the $3,320 level and, like Bitcoin, continued its recovery. ETH rose above the resistance levels of $3,350 and $3,420.
The bulls were able to break above the $3,450 resistance level. This opened the door for a move towards the $3,500 level. A high was reached at $3,502 and the price is currently on an upward trend. There was a slight decline below the 23.6% Fib retracement level of the upward move from the $3,310 swing low to the $3,502 high.
Ethereum price is currently trading above $3,400 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a connecting bullish trendline with support at $3,420.
On the other hand, the price appears to be facing a hurdle near the $3,480 level. The first major resistance is near the $3,500 level. Major resistance is currently forming near $3,550. A clear break above the $3,550 resistance level could push the price towards the $3,650 resistance level.
An upside reversal above the $3,650 resistance could lead to further gains in the coming sessions. If indicated, Ethereum could rise to the $3,780 resistance zone or $3,880 in the near term.
Another decline in ETH?
If Ethereum fails to clear the $3,500 resistance, another decline could begin. Initial support for the downside is near the $3,420 level and trendline. The first major support lies near $3,400 or the 50% Fib retracement level of the rise from the $3,310 swing low to the $3,502 high.
A clear move below the $3,400 support could push the price towards the $3,350 support. More losses could push the price towards the $3,280 support level in the near term. The next major support level is $3,220.
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 – $3,400
Key Resistance Level – $3,500