Ethereum Price Hints at Upside: Analyzing The Bullish Signals
Ethereum price is attempting a fresh increase above the $3,420 resistance zone. ETH is now struggling to clear the $3,480 and $3,520 resistance levels.
- Ethereum slowly moved higher above the $3,420 zone.
- The price is trading above $3,400 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance near $3,390 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $3,480 and $3,520 resistance levels to continue higher.
Ethereum Price Recovers Slightly
Ethereum price started a decent recovery wave above the $3,350 level. ETH even cleared the $3,400 level and outperformed Bitcoin. There was a break above a connecting bearish trend line with resistance near $3,390 on the hourly chart of ETH/USD.
The pair even cleared the $3,450 resistance zone. A high was formed at $3,482 and the price is now consolidating gains. There was a move below the $3,450 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $3,328 swing low to the $3,482 high.
The bulls are now trying to protect more downsides below the $3,420 level. Ethereum is trading above $3,400 and the 100-hourly Simple Moving Average.
On the upside, the price is facing resistance near the $3,480 level. The first major resistance is near the $3,500 level. The next major hurdle is near the $3,520 level. A close above the $3,520 level might send Ether toward the $3,550 resistance.
The next key resistance is near $3,620. An upside break above the $3,620 resistance might send the price higher. Any more gains could send Ether toward the $3,740 resistance zone.
Another Drop In ETH?
If Ethereum fails to clear the $3,480 resistance, it could start another decline. Initial support on the downside is near $3,420. The first major support sits near the $3,400 zone and the 50% Fib retracement level of the upward move from the $3,328 swing low to the $3,482 high.
A clear move below the $3,400 support might push the price toward $3,320. Any more losses might send the price toward the $3,240 level in the near term.
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 – $3,480