Ethereum Price Recovers Above $3,420, Approaching $3,550 Resistance
Ethereum price is recovering from the $3,220 support level. A rise may occur if it surpasses the $3,550 resistance.
- Ethereum has increased above the $3,350 zone.
- The price is trading above $3,420 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $3,425 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may experience further increases if it clears the $3,520 and $3,550 resistance levels.
Ethereum Price Recovery
Ethereum price stabilized above $3,220 and began a recovery similar to Bitcoin. ETH climbed past the $3,350 and $3,400 resistance levels.
After clearing the $3,500 resistance, bears remained active below $3,550. A high of $3,534 was reached, followed by consolidation. The price corrected below the 23.6% Fib retracement level of the recent wave from the $3,226 swing low to the $3,534 high.
Currently, Ethereum trades above $3,420 and the 100-hourly Simple Moving Average. A connecting bullish trend line supports the price at $3,425 on the hourly chart of ETH/USD.
On the upside, hurdles are present near the $3,520 level, with the first major resistance near $3,540.
The main resistance is at $3,550. A clear move above this level could lead toward the $3,650 resistance. Further gains might occur if the price breaks above $3,650, potentially rising to the $3,720 or even $3,800 zones.
Potential Decline in ETH
If Ethereum does not clear the $3,550 resistance, it may decline. Initial support is near $3,425 and the trend line, with major support at $3,375.
A move below $3,375 could push the price toward the $3,320 support level, with additional declines potentially reaching the $3,220 support. The next key support is at $3,110.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is above the 50 zone.
Major Support Level: $3,425
Major Resistance Level: $3,550