Ethereum Price Consolidates Below $3,450 Resistance Level
Ethereum price increased above $3,220 resistance and is currently consolidating, facing challenges near the $3,450 resistance.
- ETH began a new rise above the $3,120 resistance zone.
- The price trades above $3,150 and the 100-hourly Simple Moving Average.
- A bullish trend line forms with support at $3,220 on the hourly chart of ETH/USD (data from Kraken).
- The pair may continue to rise if it remains stable above $3,150.
Ethereum Price Faces Hurdles
Ethereum initiated an increase above the $3,000 resistance. ETH climbed past $3,120, advancing further into a positive zone.
It surged over $3,350, reaching a new monthly high at $3,443 before experiencing a minor pullback. The price dropped below the 23.6% Fib retracement level of the upward movement from the $3,070 swing low to the $3,443 high.
Currently, Ethereum trades above $3,150 and the 100-hourly Simple Moving Average. A connecting bullish trend line with support at $3,220 is present on the hourly chart of ETH/USD, aligning with the 50% Fib retracement level from the previous upward movement.
On the upside, hurdles appear near the $3,320 level, with the first major resistance around $3,400 and primary resistance forming near $3,450. A move above $3,450 could drive the price toward the $3,580 resistance.
A break above $3,580 might lead to additional gains, potentially pushing Ether toward the $3,650 resistance zone.
Downside Correction In ETH?
If Ethereum does not surpass the $3,320 resistance, a downside correction may occur. Initial support is near the $3,250 level and the trend line, with major support at approximately $3,150.
A clear move below $3,150 could lead the price toward $3,070. Further losses may push it down to the $3,000 support level, with the next key support at $2,880.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is now below the 50 zone.
Major Support Level: $3,250
Major Resistance Level: $3,320