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Ethereum price started a new wave of recovery from the $3,320 area. ETH is consolidating and aiming for a new high above the $3,450 resistance.
- Ethereum started a decent recovery wave above the $3,350 area.
- The price is trading above $3,365 and the 100-hourly Simple Moving Average.
- There was a break above the short-term bearish channel with resistance at $3,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair can find bullish momentum if it clears the resistance level of $3,450.
Ethereum Price Holds Support
The Ethereum price remained stable above the $3,250 level and started a new recovery wave like Bitcoin. ETH has gained momentum to move above the $3,320 and $3,350 resistance levels.
There was a break above the short-term bearish channel with resistance at $3,350 on the hourly chart of ETH/USD. The pair crossed the 50% Fib retracement level of the recent decline from the $3,444 swing high to the $3,310 low.
Ethereum price is now trading above $3,365 and the 100-hour Simple Moving Average. On the other hand, the price seems to be facing obstacles near the $3,400 level. It is near the 76.4% Fib retracement level of the recent decline from $3,444 swing high to $3,310 low.
The first major resistance is near the $3,420 level. The main resistance is now around $3,450. A clear move above the $3,450 resistance could send the price to the $3,550 resistance.
A break above $3,550 may call for additional gains in future sessions. In the mentioned case, Ether can rise to the resistance area of ​​$3,650 or even $3,720 in the near term.
Another Drop in ETH?
If Ethereum fails to clear the $3,400 resistance, it could start another decline. The first support on the downside is near the $3,360 level. The first major support sits near $3,320.
A clear move below the $3,320 support could push the price to the $3,250 support. Another loss could send the price to the $3,200 support level in the near term. The next key support remains at $3,120.
Technical References
MACD per hour – MACD of ETH/USD is gaining momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,320
Major Resistance Level – $3,450