Ethereum Price Consolidates Above $3,400, Aiming for $3,500 Resistance
Ethereum price initiated a recovery wave above the $3,400 mark, consolidating with potential for an increase beyond the $3,500 resistance.
- Ethereum began a recovery wave above the $3,450 zone.
- The price is currently above $3,420 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $3,420 on the hourly ETH/USD chart (data via Kraken).
- The pair may gain momentum if it surpasses the $3,500 resistance level.
Ethereum Price Rises Steadily
Ethereum maintained stability above $3,320 and extended its recovery, similar to Bitcoin. ETH progressed past the $3,350 and $3,420 resistance levels.
Bulls exceeded the $3,450 resistance, paving the way toward $3,500. A high of $3,502 was recorded, followed by consolidation. A minor dip occurred below the 23.6% Fib retracement level from the $3,310 swing low to the $3,502 high.
Currently, Ethereum trades above $3,400 and the 100-hourly Simple Moving Average, supported by a bullish trend line at $3,420.
Resistance is encountered near the $3,480 level, with major resistance at $3,500 and primary resistance near $3,550. A move above $3,550 may lead to further increases towards $3,650.
An upward break past $3,650 could result in gains towards the $3,780 or even $3,880 zones in the near term.
Another Decline In ETH?
If Ethereum fails to breach the $3,500 resistance, a decline may follow. Initial downside support is around $3,420 and the trend line. Major support lies near $3,400 or the 50% Fib retracement level of the upward move from $3,310 to $3,502.
A clear drop below $3,400 may lead to further declines towards $3,350, with additional losses potentially pushing the price down to $3,280. The next significant support level is at $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 level.
Major Support Level: $3,400
Major Resistance Level: $3,500