Ethereum (ETH) Price Stabilizes, Bulls Rush for Controlled Rally
Ethereum price stabilized above $3,320, continuing the recovery wave like Bitcoin. ETH is expected to break above the $3,350 and $3,420 resistance levels.
Bulls were able to break above the $3,450 resistance level, which opens the door for a move towards the $3,500 level. A high was formed at $3,502 and the price is currently consolidating gains.
There is a slight decline above the 23.6% Fibonacci retracement level of the upward move from the $3,310 swing low to $3,502 high.
Ethereum price is currently trading above $3,400 and the 100 hourly simple moving average.
There is also a connecting bullish trend line formed with support at $3,420 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing resistance near $3,480.
The first major resistance is near $3,500 and currently the major resistance is near $3,550. A clear break above the $3,550 resistance could push the price towards the $3,650 resistance.
A break above the $3,650 resistance could lead to more gains in the coming sessions. In this case, Ethereum could rise to the $3,780 resistance or even $3,880 in the near term.
If Ethereum fails to break the $3,500 resistance, it could decline again.
An initial support on the downside is near the $3,420 level and near the trend line.
The first major support is near the $3,400 level, which is the 50% Fibonacci retracement level of the upward move from the $3,310 swing low to $3,502 high.
A break below the $3,400 support could push the price towards the $3,350 support. If the price falls further, it may fall towards the $3,280 support level in the short term. The next key support level is $3,220.
