Ethereum price started a recovery wave above $3,500. ETH is showing positive signs but faces hurdles near the $3,650 resistance.
Ethereum started a decent upward move above $3,420 and $3,500.
The price is trading above $3,550 and the 100-hourly Simple Moving Average.
There is a bullish trend line forming with support at $3,520 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up if it clears the $3,650 zone.
Ethereum Price Faces Resistance
Ethereum price managed to stay above $3,250 and started a recovery wave, like Bitcoin. ETH price was able to climb above the $3,350 and $3,420 resistance levels.
The bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $3,920 swing high to the $3,058 low. The upward move was such that the price spiked to test the key hurdle at $3,650. Besides, there is a bullish trend line forming with support at $3,520 on the hourly chart of ETH/USD.
Ethereum price is now trading above $3,550 and the 100-hourly Simple Moving Average. If there is another recovery wave, the price could face resistance near the $3,650 level. The next key resistance is near the $3,710 level and the 76.4% Fib retracement level of the downward move from the $3,920 swing high to the $3,058 low.
The first major resistance is near the $3,740 level. A clear move above the $3,740 resistance might send the price toward the $3,880 resistance. An upside break above the $3,880 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,920 resistance zone or even $3,950 in the near term.
Another Pullback In ETH?
If Ethereum fails to clear the $3,650 resistance, it could start a fresh decline. Initial support on the downside is near the $3,540 level or the trend line. The first major support sits near the $3,485 zone.
A clear move below the $3,485 support might push the price toward the $3,360 support. Any more losses might send the price toward the $3,260 region in the near term. The next key support sits at $3,200 and $3,180.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,485
Major Resistance Level – $3,650
