Ethereum is consolidating below the $3,450 resistance level against the US Dollar. ETH price could resume the increase if it stays above the $3,250 support.
- Ethereum is showing positive signs above the $3,350 support area.
- The price is now trading above $3,300 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another increase if it surpasses the $3,440 and $3,450 resistance levels.
Ethereum price still supported
Ethereum surge extended above Resistance area $3,400. Ethereum rose above the $3,450 resistance and formed a top near the $3,482 level.
Recently, there was a downside correction below the $3,400 level. The price even fell below $3,350, but it remained stable above $3,320. It is also trading above $3,300 and the 100 hourly simple moving average. Besides, there is a major bullish trend line forming with support near $3,250 on the hourly chart of ETH/USD.
The bottom is formed near $3,335 and The price of ether is now rising. There was a move above the 23.6% Fib retracement level of the recent decline from the $3,482 high to $3,335 low.
On the upside, there is an initial resistance near the $3,410 level. It is close to the 50% Fib retracement level of the recent decline from the $3,482 high to $3,335 low. The next major resistance is near the $3,450 level. Ether price could start another rally if there is a clear move above the $3,450 resistance.
Source: ETHUSD on TradingView.com
A close above the $3,450 level could push the price towards the $3,500 level. If the bulls continue to act, the price could rise above the $3,550 level.
Dips Limited in ETH?
If Ethereum fails to start a new rally above the $3,450 level, it may start another downside correction. There is initial support on the downside near the $3350 area.
The next major support is near the $3,300 level. The main support is near the $3,250 area and a solid uptrend line. A break-down below the $3,250 support area could push the price towards the $3,100 level.
MACD per hour – The MACD for ETH/USD is slowly moving into the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $3250
Key Resistance Level – $3,450