Ethereum price started a fresh recovery wave above the $3,400 zone. ETH is consolidating and aims for a fresh increase above the $3,500 resistance.

• Ethereum started a decent recovery wave above the $3,450 zone.
• The price is trading above $3,420 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support at $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain bullish momentum if it clears the $3,500 resistance level.

Ethereum Price Rises Steadily

Ethereum price remained stable above the $3,320 level and extended its recovery wave like Bitcoin. ETH gained pace for a move above the $3,350 and $3,420 resistance levels.

The bulls were able to surpass the $3,450 resistance level. It opened the doors for a move toward the $3,500 level. A high was formed at $3,502 and the price is now consolidating gains. There was a minor dip below the 23.6% Fib retracement level of the upward move from the $3,310 swing low to the $3,502 high.

Ethereum price is now trading above $3,400 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,420 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $3,480 level. The first major resistance is near the $3,500 level. The main resistance is now forming near $3,550. A clear move above the $3,550 resistance might send the price toward the $3,650 resistance.

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An upside break above the $3,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,780 resistance zone or even $3,880 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $3,500 resistance, it could start another decline. Initial support on the downside is near the $3,420 level and the trend line. The first major support sits near the $3,400 or the 50% Fib retracement level of the upward move from the $3,310 swing low to the $3,502 high.

A clear move below the $3,400 support might push the price toward the $3,350 support. Any more losses might send the price toward the $3,280 support level in the near term. The next key support sits at $3,220.

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 – $3,400
• Major Resistance Level – $3,500

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