Ethereum price started a wave of recovery above $3,350. ETH is showing positive signs but faces a hurdle near the $3,720 resistance.
- Ethereum started a decent rally above $3,350 and $3,400.
- The price is trading above $3,500 and the 100 hourly simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), there was a breakout above the bearish trend line with resistance at $3,350.
- If the pair clears the $3,720 zone, the pair could continue higher.
Ethereum price tries to recover
Ethereum’s price managed to stay above $3,200, starting a wave of recovery similar to Bitcoin. ETH price was able to rise above the $3,350 and $3,400 resistance levels.
On the hourly chart of ETH/USD, the pair broke above the bearish trend line with resistance at $3,350. The pair has broken above the 50% Fib retracement level of the decline from the swing high of $3,920 to the low of $3,058. This upward trend caused the price to soar above $3,620.
Ethereum price is currently trading above $3,550 and its 100-hour simple moving average. If there is another wave of recovery, the price could face resistance near the $3,650 level. The next major resistance level is around the $3,720 level and the 76.4% fibritracement level of the decline from the swing high of $3,920 to the low of $3,058.
The first major resistance level is near the $3,750 level. A clear break above the $3,750 resistance could send the price heading towards the $3,820 resistance. A break above the $3,820 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,880 resistance zone and even $3,925 in the short term.
Will ETH fall again?
If Ethereum fails to break through the $3,650 resistance level, a fresh decline could begin. Initial support on the downside is near the $3,580 level. The first major support is located near the $3,500 zone.
A clear move below the $3,500 support could push the price towards the $3,450 support. Any further losses could send the price towards the $3,350 area in the near term. The next significant support is at $3,250 and $3,220.
technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level – $3,500
Major Resistance Level – $3,650