The Ethereum price is showing promising signs of a new recovery wave, having climbed above the crucial $3,400 zone. Ethereum (ETH) is currently in a phase of consolidation and is poised to target a fresh increase, potentially breaking through the significant $3,500 resistance level.
- Ethereum initiated a respectable recovery wave surpassing the $3,450 zone.
- The price is now trading above $3,420, comfortably above the 100-hourly Simple Moving Average (SMA).
- A supportive bullish trend line is forming with its base at $3,420 on the hourly ETH/USD chart, sourced from Kraken.
- Breaking past the $3,500 resistance could propel the pair into a stronger bullish momentum.
Ethereum Price Rises Steadily
Ethereum’s price has demonstrated remarkable stability above the $3,320 mark, continuing its recovery wave in a manner similar to Bitcoin. ETH has gained enough momentum to clear the $3,350 and $3,420 resistance levels, setting the stage for further advances.
Breaking the $3,450 resistance level was a pivotal moment for the bulls, opening pathways for Ethereum to approach the $3,500 benchmark. The price reached a peak at $3,502 and is currently in a phase of consolidating these gains. There was a slight dip, touching below the 23.6% Fibonacci retracement level, derived from the upswing between the $3,310 low to the $3,502 high.
Currently, Ethereum is trading above $3,400 and the 100-hourly SMA. A bullish trend line continues to offer support at $3,420 on the hourly chart of ETH/USD. On the upside, the price faces resistance around the $3,480 level, with the first major barrier stationed near $3,500. A primary resistance is forming around the $3,550 mark. Successfully navigating past the $3,550 resistance could propel the price toward the $3,650 resistance zone.
An upside break through $3,650 might pave the way for additional gains in the upcoming trading sessions. In such a scenario, Ethereum could see a rise toward the $3,780 resistance level or potentially aim for $3,880 in the near term.
Another Decline in ETH?
Should Ethereum fail to break through the $3,500 resistance, there is a possibility of another downward movement. Initial support on the downside is located near the $3,420 level, aligning with the trend line. The first significant support is situated around $3,400 or the 50% Fibonacci retracement level, which marks the upward movement from the $3,310 low to the $3,502 high.
A decisive move below the $3,400 support could push Ethereum’s price toward the $3,350 support level. Further declines might drive the price down to the $3,280 support level in the short term, with the next critical support resting at $3,220.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone, indicating a strengthening upward trend.
Hourly RSI: The RSI for ETH/USD is currently positioned above the 50 mark, suggesting a favorable market sentiment.
Major Support Level: $3,400
Major Resistance Level: $3,500
