Ethereum price started a decent upward move from the $3,080 support zone. ETH is recovering and may 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 descending trend line with resistance at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it remains above the $3,280 support zone.
Ethereum Price Predicts Steady Rise 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 fell behind. Bitcoin.
There was a break above a descending 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 high to $3,087 low.
Ethereum is now trading above $3,250 and the 100-hour Simple Moving Average. If there is more upside, the price could face resistance near the $3,375 level or the 61.8% Fibonacci retracement level of the downward move from the $3,540 swing high to $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 could send Ether towards the $3,500 resistance. The next key resistance is near the $3,550 level. An upside break above the $3,550 resistance could push the price towards the $3,720 resistance zone in the coming days.
Are dips limited on ETH?
If Ethereum fails to clear the $3,400 resistance, it could start a downside correction. The initial support on the downside is near the $3,280 level. The first major support is near the $3,250 zone.
A clear move below the $3,180 support could push the price towards the $3,120 level. Further losses could send the price towards the $3,080 support level in the near term. The next important support lies 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