Ethereum price started a major increase above the $3,350 resistance. ETH is now consolidating gains and holding the key support at $3,280.
- Ethereum started a downside correction after a major rally to $3,400.
- The price is trading above $3,280 and the 100-hourly Simple Moving Average.
- There is a bullish trend line forming with support at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it stays above the $3,280 zone.
Ethereum Price Hits Support
Ethereum price remained stable above $3,300 and started a fresh increase, like Bitcoin. ETH price rallied above the $3,320 and $3,350 resistance levels.
A high was formed at $3,402, and the price recently started a downside correction. There was a move below $3,320. The price dipped below the 23.6% Fib retracement level of the recent wave from the $3,060 swing low to the $3,402 high.
Ethereum price is now trading above $3,280 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $3,280 on the hourly chart of ETH/USD.
If the bulls can protect more losses below $3,280, the price could attempt another increase. Immediate resistance is seen near the $3,320 level. The first key resistance is near the $3,350 level. The next major resistance is near the $3,385 level. A clear move above the $3,385 resistance might send the price toward the $3,450 resistance. An upside break above the $3,450 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,500 resistance zone or even $3,550 in the near term.
Downside Break In ETH?
If Ethereum fails to clear the $3,320 resistance, it could start a fresh decline. Initial support on the downside is near the $3,280 level and the trend line. The first major support sits near the $3,260 zone and the 100 hourly SMA.
A clear move below the $3,260 support might push the price toward the $3,220 support and the 50% Fib retracement level of the recent wave from the $3,060 swing low to the $3,402 high. Any more losses might send the price toward the $3,150 region.
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 – $3,280
Major Resistance Level – $3,385
