Ethereum price started a decent upward move from the $3,080 support zone. ETH is recovering and might aim for a test of the $3,500 resistance zone.
Ethereum is showing positive signs from the $3,150 pivot zone.
The price is trading above $3,250 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up if it stays above the $3,280 support zone.
Ethereum Price Eyes Steady Increase To $3,500
Ethereum price formed a base above the $3,080 support zone. A low is formed at $3,087 and the price started a decent increase above the $3,220 resistance zone, but lagged strength like Bitcoin.
There was a break above a key bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD. The pair was able to clear the 50% Fib retracement level of the downward move from the $3,540 swing high to the $3,087 low.
Ethereum is now trading above $3,250 and the 100-hourly Simple Moving Average. If there are more upsides, the price could face resistance near the $3,375 level or the 61.8% Fib retracement level of the downward move from the $3,540 swing high to the $3,087 low.
The first major resistance is near the $3,400 level. The next major hurdle is near the $3,450 level. A close above the $3,450 level might send Ether toward the $3,500 resistance. The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher toward the $3,720 resistance zone in the coming days.
Are Dips Limited In ETH?
If Ethereum fails to clear the $3,400 resistance, it could start a downside correction. Initial support on the downside is near $3,280. The first major support sits near the $3,250 zone.
A clear move below the $3,180 support might push the price toward $3,120. Any more losses might send the price toward the $3,080 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,400
Source: NewsBTC.com
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