Ethereum price is attempting a fresh increase above the $3,450 resistance zone. ETH must settle above $3,550 to continue higher in the near term.
- Ethereum slowly moved higher above the $3,450 zone.
- The price is trading above $3,450 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance near $3,415 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $3,520 and $3,550 resistance levels to continue higher.
Ethereum Price Faces Resistance
Ethereum price started a decent recovery wave above the $3,400 level. ETH even cleared the $3,420 level to move into a short-term positive zone like Bitcoin.
There was a break above a key bearish trend line with resistance near $3,415 on the hourly chart of ETH/USD. The pair even cleared the $3,500 resistance zone. A high was formed at $3,516 and the price is now consolidating gains.
Are Dips Limited In ETH?
If Ethereum fails to clear the $3,550 resistance, it could start a downside correction. Initial support on the downside is near $3,480. The first major support sits near the $3,440 zone and the 50% Fib retracement level of the upward move from the $3,350 swing low to the $3,516 high. A clear move below the $3,420 support might push the price toward $3,350. Any more losses might send the price toward the $3,320 level in the near term. Technical IndicatorsHourly 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 – $3,420 Major Resistance Level – $3,550