Ethereum saw bids close to the $3,140 area and was corrected higher against USD. The price of Ethereum must rise above $3,325 to begin a meaningful increase.
- Ethereum trading as low as $3.143, but is correcting higher now.
- The current price trades below $3,300 as well as the simple 100-hour moving average.
- A short-term rising channel is emerging with resistance at $3,300 (data feed via Kraken).
- To gain bullish momentum, the pair needs to clear $3,300 as well as the 100-hourly SMA.
Ethereum price eyes recovery
Before the bulls arrived, Ethereum was trading as low as $3143 ETH established a strong upward movement and surpassed the $3150 mark.
A break was seen above the resistance of $3,200. It was able clear 23.6% Fib resistance level, which marked the pivotal drop from the $3.550 swing high to the $3.143 low. It is trading at $3,300, below the simple moving average of 100 hours, and still under $3,300.
A resistance level near $3,300 is the initial support. On the hourly chart for ETH/USD, there is a rising channel that forms with resistance close to $3,300.
Next is resistance at the $3.325 level. The 100-hourly simple movement average will be the next. Clear movement above the $3.325 level may push the price higher than the 50% Fib Retracement level for the pivotal drop from $3,550 high to $3.143 low.
Source: TradingView.com, ETHUSD
It could begin a steady climb if the price of ether settles below the levels of $3,325 resistance and $3,345 support. The price may rise above $3,400 in the case mentioned. Next is the key barrier at $3,450 and an adjacent bearish trendline.
Is there a new decline in ETH?
It could begin another major decline if ethereum does not start an increase above $3,325. Near the $3,230 level is the first support for the downside.
Next major support will be at the $3,000. The price may resume falling if it breaks below the $3,000. Support. If this happens, then the price might even drop below the $3.143 low.
Technical indicators
Minutely MACD – The bullish zone is gradually gaining speed in the MACD of ETH/USD.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $3,200
Major Resistance Level – $3,325
