Ethereum is consolidating above the $3,320 support level against the US Dollar. ETH price should clear $3,450 to start a new rally in the near term.
- Ethereum maintains gains above the $3,320 support area.
- The price is now trading above $3320 and the 100 hourly simple moving average.
- There is a major contracting triangle forming with resistance near $3,415 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another increase if it surpasses the $3,435 and $3,450 resistance levels.
The price of Ethereum is gaining more
Ethereum started underage Correction of the negative side From the $3,480 region. ETH fell below the $3,450 and $3,440 support levels. It even jumped below the $3,400 level, but the bulls were active near the $3,335 level.
The bottom formed near $3,335 and the price is now rising. It broke the $3,400 resistance level. There was a move above the 50% Fib retracement level of the recent decline from the $3,482 high to the $3,334 low. However, the price is facing resistance near the $3,420 level.
The sellers encountered above the 61.8% Fib retracement level of the recent decline from the $3,482 high to $3,334. There is also a major contracting triangle forming with resistance near $3,415 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The next major resistance is near the $3,450 level. Ether price must get rid of the $3,450 resistance to start a new rally. In the aforementioned case, the price could exceed $3,500. The next major stop for the bulls could come in at $3,650.
Does support dip in ETH?
If Ethereum fails to start a new rally above the $3,420 level, another downside correction may begin. There is initial support on the downside near the $3,360 region.
The next major support is near the $3,350 level. The main support is near the $3,320 area and the connecting uptrend line. The downside breakout below the $3,320 support area 100-hour simple moving average may put a lot of pressure on buyers in the near term. In the aforementioned case, the price of ether could drop to $3,250.
MACD per hour – ETH/USD’s MACD is slowly losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 levels.
Key Support Level – $3,320
Key Resistance Level – $3,450