Ethereum price begins new rise above $3,150. ETH is currently consolidating and may soon aim for a clear break above $3,350.
- Ethereum started a downward correction from the $3,450 zone.
- The price is trading above $3,200 and the 100 hourly simple moving average.
- On the hourly chart of ETH/USD (data feed via Kraken), a new connected bullish trendline has formed with support at $3,180.
- If it breaks below the $3,150 zone, the pair could continue to fall.
Ethereum price maintains support
Ethereum price managed to hold above $3,150 and start a new rally, Bitcoin. ETH price regained momentum above the $3,300 and $3,320 resistance levels.
Bulls pushed the price above $3,400. However, the bears were active below $3,450. A high was formed at $3,448 and the price is currently correcting up. There was also a move below $3,250, with the price surging below the 50% Fib retracement level of the upwave from the swing low of $2,914 to the low of $3,448.
However, the bulls were active near $3,150. Ethereum price is currently trading above $3,200, Simple moving average every 100 hours. Additionally, on the hourly chart of ETH/USD, a new connected bullish trend line has formed with support at $3,180.
If there is further upside, the price could face resistance near the $3,290 level. The next major resistance level is near the $3,320 level. The first major resistance level is near the $3,350 level. A clear break above the $3,350 resistance could send the price heading towards the $3,400 resistance. A break above the $3,400 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,450 resistance zone and even $3,500 in the short term.
Will ETH fall again?
If Ethereum fails to break through the $3,320 resistance level, a fresh decline could begin. Initial support on the downside is near the $3,200 level. The first major support is located near the $3,150 zone.
A clear move below the $3,150 support could push the price towards the $3,040 support. Any further losses could send the price towards the $3,020 area. The next major support is $3,000.
technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level – $3,180
High resistance level – $3,350
