Ethereum is consolidating below the $3,450 resistance against the US Dollar. ETH price could resume increase if it stays above the $3,250 support.
- Ethereum is showing positive signs above the $3,350 support zone.
- 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 clears the $3,440 and $3,450 resistance levels.
Ethereum Price Remains Supported
Ethereum extended increase above the $3,400 resistance zone. ETH even climbed above the $3,450 resistance and formed a high near the $3,482 level.
Recently, there was a downside correction below the $3,400 level. The price even declined 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.
A low is formed near $3,335 and ether price 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, an initial resistance is near the $3,410 level. It is near 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 surge if there is a clear move above the $3,450 resistance.
Source: ETHUSD on TradingView.com
A close above the $3,450 level might pump the price towards the $3,500 level. If the bulls remain in action, the price could even rise above the $3,550 level.
Dips Limited in ETH?
If ethereum fails to start a fresh increase above the $3,450 level, it could start another downside correction. An initial support on the downside is near the $3,350 zone.
The next major support is near the $3,300 level. The main support is near the $3,250 zone and a connecting bullish trend line. A downside break below the $3,250 support zone might push the price towards the $3,100 level.
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,250
Major Resistance Level – $3,450
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Author: Aayush Jindal