Ethereum price broke above the $3,400 support zone. ETH is recovering its losses, but needs to clear $3,600 to continue rising in the short term.
- Ethereum extended its decline and tested the $3,400 support zone.
- The price is trading above $3,500 and the 100 hourly simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), the pair broke above the bearish trend line connecting with the $3,500 resistance.
- The pair could gain bullish momentum if it breaks above the $3,500 support zone.
Aiming to increase the Ethereum price
Ethereum price extended its decline below the $3,500 level. ETH surged below the $3,450 support before the bulls emerged. The price traded as high as $3,408 and recently started a wave of recovery similar to Bitcoin.
There was a move above the $3,500 resistance zone. Price moved higher and tested the 50% Fib retracement level of the decline from the swing high of $3,726 to the low of $3,408. Furthermore, on the hourly chart of ETH/USD, the pair broke above the bearish trend line connected to the resistance level at $3,500.
Ethereum is currently trading around $3,500 and its 100 hourly simple moving average. Immediate resistance is near the $3,600 level, or the 61.8% Fib retracement level of the decline from the swing high of $3,726 to the low of $3,408.
Source: ETHUSD on TradingView.com
The first major resistance level is near the $3,650 level. The next major resistance level lies at $3,725, above which the price could test the $3,780 level. A key hurdle could be $3,800, above which Ether could gain bullish momentum. In the above case, the price could rise towards his $3,880 zone. A move above the $3,880 resistance could even push Ethereum higher towards the $4,000 resistance.
Will ETH fall again?
If Ethereum fails to break through the resistance at $3,600, further declines could begin. Initial support on the downside is near the $3,520 level.
The first major support is located near the $3,500 zone. The next major support could be the $3,400 zone. A clear break below the $3,400 support could push the price towards $3,320. Any further losses could send the price towards the $3,240 level.
technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $3,520
High resistance level – $3,600