Ethereum price is attempting a recovery wave above the $3,500 zone. ETH must clear the $3,580 resistance to continue higher in the near term.
- Ethereum started a decent recovery wave above the $3,350 zone.
- The price is trading above $3,450 and the 100-hourly Simple Moving Average.
- There was a break above a short-term bullish flag pattern with resistance at $3,480 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above the $3,580 resistance zone.
Ethereum Price Holds Support
Ethereum price started a decent upward move above the $3,250 and $3,350 resistance levels, like Bitcoin. ETH even surpassed the $3,500 resistance to move into a positive zone.
A high was formed at $3,587 and there was a minor pullback. The price declined below the $3,500 level and spiked below the 23.6% Fib retracement level of the recovery wave from the $3,059 swing low to the $3,587 high. However, the bulls are active near $3,400.
Another Decline In ETH?
If Ethereum fails to clear the $3,580 resistance, it could start another decline. Initial support on the downside is near the $3,410 level. The first major support is near the $3,320 zone or the 50% Fib retracement level of the recovery wave from the $3,059 swing low to the $3,587 high. The next key support could be the $3,200 zone. A clear move below the $3,200 support might send the price toward $3,060. Any more losses might send the price toward the $3,000 level.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 level.
Major Support Level – $3,400 Major Resistance Level – $3,580