Ethereum is consolidating below the USD 3,450 resistance against the US dollar. ETH price could rise again if it stays above the $3,250 support.
Ethereum is showing positive signs above the $3,350 support zone. The price is now trading above $3,300 and the 100 hourly simple moving average. A major bullish trendline is forming with support near USD 3,250 on the ETH/USD hourly chart (data feed via Kraken). The pair may see further gains if it clears the USD 3,440 and USD 3,450 resistance levels.
Ethereum price remains supported
Ethereum extended gains above the $3,400 resistance zone. ETH even climbed above the USD 3,450 resistance and reached a high near the USD 3,482 level.
Recently, there was a downside correction below the $3,400 level. In fact, the price dropped below $3,350 but remained steady above $3,320. It is also trading above $3,300 and the 100 hourly simple moving average. Additionally, a major bullish trendline is forming with support near USD 3,250 on the ETH/USD hourly chart.
A low is forming near $3,335 and ether price is now rising. There was a move above the 23.6% Fib retracement level from the recent drop from the $3,482 high to $3,335 low.
On the upside, an initial resistance is near the USD 3,410 level. It is near the 50% Fib retracement level from the recent drop from the $3,482 high to $3,335 low. The next major resistance is near the $3,450 level. Ether price could spark another rise if there is a clear move above the $3,450 resistance.
Source: ETHUSD on TradingView.com
A close above the USD 3,450 level could pump the price towards the USD 3,500 level. If the bulls stay in action, the price could even rise above the USD 3,550 level.
Dips limited in ETH?
If ethereum fails to initiate a fresh rise above the USD 3,450 level, it could trigger another downside correction. An initial support on the downside is near the $3,350 zone.
The next major support is near the $3,300 level. The main support is near the $3,250 zone and a connecting bullish trendline. A downward breach below the $3,250 support zone could push the price towards the $3,100 level.
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,250
Major Resistance Level – $3,450