Aayush Jindal
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Ethereum price extended its increase above the $3,220 resistance. ETH is now consolidating and facing hurdles near the $3,450 resistance.
- Ethereum started a fresh increase above the $3,120 resistance zone.
- The price is trading above $3,150 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3,220 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it remains stable above the $3,150 zone.
Ethereum Price Faces Hurdles
Ethereum price started a fresh increase above the $3,000 resistance like Bitcoin. ETH was able to climb above the $3,120 and $3,120 resistance levels to move further into a positive zone.
It even surged above the $3,350 level and traded to a new monthly high. A high was formed at $3,443 before there was a minor pullback. There was a move below the 23.6% Fib retracement level of the upward wave from the $3,070 swing low to the $3,443 high.
Ethereum price is now trading above $3,150 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,220 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the upward wave from the $3,070 swing low to the $3,443 high.
On the upside, the price seems to be facing hurdles near the $3,320 level. The first major resistance is near the $3,400 level. The main resistance is now forming near $3,450. A clear move above the $3,450 resistance might send the price toward the $3,580 resistance.
An upside break above the $3,580 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone.
Downside Correction In ETH?
If Ethereum fails to clear the $3,320 resistance, it could start a downside correction. Initial support on the downside is near the $3,250 level and the trend line. The first major support sits near the $3,150 zone.
A clear move below the $3,150 support might push the price toward $3,070. Any more losses might send the price toward the $3,000 support level in the near term. The next key support sits 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
