Ethereum's price has started to rise again above the $3,400 area. ETH is consolidating and may hope to break through the resistance level of $3,500.
Ethereum has started to rise again to above $3,320 and $3,400.
The price is currently above $3,400 and the 100-hour simple moving average.
On the hourly chart of ETH/USD, a key bullish trend line has formed, with support at $3,400 (data provided by Kraken).
If the currency pair breaks through the resistance area of $3,485, it may gain bullish momentum.
Ethereum's price maintains gains above the support level
Ethereum's price is holding support above $3,220 and starting a new round of increase, while Bitcoin is correcting its gains. ETH is expected to break through the resistance levels of $3,420 and $3,450.
Bulls even pushed the price above the resistance level of $3,500. The price formed a peak at $3,545, and recently corrected some gains. The price fell below the $3,500 level. The price has dropped below the 50% Fibonacci retracement level of the upward trend from the swing low of $3,289 to the swing high of $3,545.
However, bulls are active around $3,400. A key bullish trend line has also formed on the hourly chart of ETH/USD, with support at $3,400. This trend line is close to the 61.8% Fibonacci retracement level of the upward trend from the swing low of $3,289 to the swing high of $3,545.
Ethereum's price is currently trading above $3,420 and the 100-hour simple moving average. On the positive side, the price seems to face obstacles around $3,485.
The first major resistance level is near $3,500. Currently, the main resistance level is forming around $3,550. If there is a clear break above the resistance level of $3,550, the price may fall towards the resistance level of $3,650. If the resistance level of $3,650 is broken, it may bring more gains in the coming trading days. In that case, Ethereum could rise to the resistance level of $3,720, or even $3,880.
How does ETH support the downward trend?
If Ethereum fails to break through the resistance level of $3,500, it may decline again. The initial support level on the downside is around $3,420. The first major support level is near the $3,400 area and the trend line.
A drop below the support level of $3,400 could push the price towards $3,350. If the price falls further, it may drop to the support level of $3,285 in the short term. The next key support level is at $3,220.
Technical indicators
Hourly MACD - The MACD of ETH/USD is gaining momentum in the bullish area.
Hourly RSI - The RSI of ETH/USD is now above the 50 area.
Major support level - $3,400
Major resistance level - $3,550