Ethereum continues to consolidate above $3,320 against the US Dollar. The ETH must reach $3,450 in order to see a further increase.
- Ethereum has maintained gains over the $3,320 support area.
- The current price trades above $3,320 as well as the simple 100-hour moving average.
- On the hourly chart for ETH/USD, there is an important contracting triangle with resistance at $3,415 (data feed via Kraken).
- If the pair clears resistance levels of $3,435 or $3,450, it could begin a new increase.
Ethereum price sees more gains
Ethereum began a slight downside correction at the $3,480 level. ETH dropped below the support levels of $3,450, and $3,440. The ETH even rose below the $3,000. However, bulls were very active around the $3.335 level.
The price has been rising since a low of $3,335 was reached. The $3,400 resistance level was surpassed. The Fib retracement level at 50% of the decline in price from $3,482 to $3,334 was exceeded by a movement. The price has been resisting the resistance at the $3,420 mark.
This market faced sellers at 61.8% Fib levels, which is the level of the recent fall from $3.482 high to $2.334 low. On the hourly chart for ETH/USD, there is a crucial contracting triangle with resistance at $3,415.
Source: TradingView.com ETHUSD
Near the $3,450 mark is the next significant resistance. For a new uptrend to occur, the market must surpass $3,450. If the previous scenario is true, then the price might even exceed $3,500. Next stop on the upside for bulls may well be $3,650.
Dips that are supported by ETH
It could begin a new downside correction if ethereum does not start an increase above $3,420. Initial support is located near the $3360 area.
Near the $3,350 mark is the next support. A bullish trend line connects to the $3,320 area and provides support. The bulls could feel a lot more pressure if they fall below the $3320 resistance zone and 100-hourly simple moving average. If this happens, the ether price could slide to $3,000.
Technical indicators
Minutely MACD – Slowly, the MACD for USD/ETH is losing momentum in bullish territory.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $3,320
Major Resistance Level – $3,450
