Ethereum has been consolidating under the $3,450 resistance level against the US Dollar. The price of Ethereum could resume rising if the support level is maintained above $3,250.
- Ethereum has shown positive signals above the $3,350 support area.
- The price traded above $3300, and the 100 hourly simple moving mean is at $13,300.
- On the hourly chart for ETH/USD, there is support close to $3,250. This trend line forms with major bullishness (data feed via Kraken).
- A clear of the resistance levels at $3,440/$3,450 could allow for another rise.
Ethereum’s Price Supported
Ethereum continued to rise above the $3,000.00 resistance level. ETH even climbed past the $3,450 resistance to reach a level near the $3.482 mark.
Recently, the price fell below $3,400. Even though the price dropped below $3,000.350, it has remained above $3,000.320. The 100-hourly simple moving average and $3,300 are also above it. On the hourly chart for ETH/USD, there’s a bullish trend line that is in place with support at $3,250.
The low was formed at $3,335; the ether price is currently rising. A move was seen above the 23.6% Fib Retracement Level of the recent fall from $3.482 high to the $3.335 low.
The initial resistance for the downside is located at $3,410. This is close to the 50% Fib level of the decline from $3,482 high and $3,335 lowest. Near the $3,450 mark is the next significant resistance. The Ether price may surge again if it moves higher than the $3,450 resistance.
Source: TradingView.com, ETHUSD
Price could reach the $3,000.500 mark if the close is above the $3450 level. If bulls continue to be active, prices could rise as high as the $3550 level.
Dips Limited to ETH
Ethereum could experience a further downside correction if it fails to increase above the $3450 level. Initial support is located near the $3350 area.
Near the $3,300 mark is the next support. Support is located near the $3250 level and an adjacent bullish trendline. The price could reach the $3,000.00 level if it breaks below the support area of $3,250.
Technical indicators
Minutely MACD – The bullish zone is gradually gaining speed in the MACD of ETH/USD.
Hourly RSI – The RSI of ETH/USD has risen to above 50.
Major Support Level – $3,250
Major Resistance Level – $3,450
