Ethereum price started a fresh increase above $3,150. ETH is now consolidating and might soon aim for a clear upside break above $3,350.
Ethereum started a downside correction from the $3,450 zone.
The price is trading above $3,200 and the 100-hourly Simple Moving Average.
There is a new connecting bullish trend line forming with support at $3,180 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it settles below the $3,150 zone.
Ethereum Price Holds Support
Ethereum price managed to stay above $3,150 and started a fresh increase, beating Bitcoin. ETH price gained strength for a move above the $3,300 and $3,320 resistance levels.
The bulls even pushed the price above $3,400. However, the bears were active below $3,450. A high was formed at $3,448 and the price is now correcting gains. There was a move below $3,250, and the price even spiked below the 50% Fib retracement level of the upward wave from the $2,914 swing low to the $3,448 low.
However, the bulls were active near $3,150. Ethereum price is now trading above $3,200 and the 100-hourly Simple Moving Average. Besides, there is a new connecting bullish trend line forming with support at $3,180 on the hourly chart of ETH/USD.
If there is another upward move, the price could face resistance near the $3,290 level. The next key resistance is near the $3,320 level. The first major resistance is near the $3,350 level. A clear move above the $3,350 resistance might send the price toward the $3,400 resistance. An upside break above the $3,400 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,450 resistance zone or even $3,500 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $3,320 resistance, it could start a fresh decline. Initial support on the downside is near the $3,200 level. The first major support sits near the $3,150 zone.
A clear move below the $3,150 support might push the price toward the $3,040 support. Any more losses might send the price toward the $3,020 region. The next key support sits at $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,180
Major Resistance Level – $3,350
