Ethereum tested the $3,380 zone before it corrected lower against the US Dollar. ETH price is still trading above $3,300 and it might attempt another upside break.
- Ethereum started a fresh increase above the $3,300 and $3,320 resistance levels.
- The price is now trading above $3,250 and the 100 hourly simple moving average.
- There is a key bullish flag forming with resistance near $3,340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue higher if there is a clear break above $3,340 and $3,350.
Ethereum Price Consolidates Gains
Ethereum settled above the $3,300 resistance and climbed further higher. ETH price even traded above $3,350, but it failed to clear $3,380. Recently, there was a downside correction below $3,350, similar to bitcoin.
There was a break below the 23.6% Fib retracement level of the upward move from the $3,130 swing low to $3,380 high. It is now trading above $3,250 and the 100 hourly simple moving average.
There is a key bullish flag forming with resistance near $3,340 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $3,340 and $3,350 levels. A clear break above the channel resistance and $3,350 might call for more gains.
Source: ETHUSD on TradingView.com
The next key resistance is now forming near the $3,280 level. Any more gains may possibly call for a move towards the $3,500 level in the near term. An intermediate resistance may possibly be near the $3,420 level.
More Losses in ETH?
If ethereum fails to continue higher above the $3,340 and $3,350 resistance levels, it could start a fresh downside correction. An immediate support on the downside is near the $3,300 level. The key support is now forming near the $3,250 zone and the 100 hourly simple moving average.
It is close to the 50% Fib retracement level of the upward move from the $3,130 swing low to $3,380 high. A downside break below the $3,250 support zone could push the price further lower. The next major support could be $3,200, below which the price could revisit the $3,130 and $3,120 support levels.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Major Support Level – $3,250
Major Resistance Level – $3,350
Ethereum examined the $3,380 zone earlier than it corrected decrease in opposition to the US Greenback. ETH worth continues to be buying and selling above $3,300 and it would try one other upside break.
- Ethereum began a recent improve above the $3,300 and $3,320 resistance ranges.
- The worth is now buying and selling above $3,250 and the 100 hourly easy transferring common.
- There’s a key bullish flag forming with resistance close to $3,340 on the hourly chart of ETH/USD (information feed by way of Kraken).
- The pair may proceed greater if there’s a clear break above $3,340 and $3,350.
Ethereum Worth Consolidates Positive aspects
Ethereum settled above the $3,300 resistance and climbed additional greater. ETH worth even traded above $3,350, however it did not clear $3,380. Not too long ago, there was a draw back correction beneath $3,350, much like bitcoin.
There was a break beneath the 23.6% Fib retracement degree of the upward transfer from the $3,130 swing low to $3,380 excessive. It’s now buying and selling above $3,250 and the 100 hourly easy transferring common.
There’s a key bullish flag forming with resistance close to $3,340 on the hourly chart of ETH/USD. On the upside, an preliminary resistance is close to the $3,340 and $3,350 ranges. A transparent break above the channel resistance and $3,350 may name for extra positive factors.
Supply: ETHUSD on TradingView.com
The subsequent key resistance is now forming close to the $3,280 degree. Any extra positive factors could presumably name for a transfer in direction of the $3,500 degree within the close to time period. An intermediate resistance could presumably be close to the $3,420 degree.
Extra Losses in ETH?
If ethereum fails to proceed greater above the $3,340 and $3,350 resistance ranges, it may begin a recent draw back correction. A right away assist on the draw back is close to the $3,300 degree. The important thing assist is now forming close to the $3,250 zone and the 100 hourly easy transferring common.
It’s near the 50% Fib retracement degree of the upward transfer from the $3,130 swing low to $3,380 excessive. A draw back break beneath the $3,250 assist zone may push the worth additional decrease. The subsequent main assist might be $3,200, beneath which the worth may revisit the $3,130 and $3,120 assist ranges.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly dropping tempo within the bullish zone.
Hourly RSI – The RSI for ETH/USD continues to be above the 50 degree.
Main Help Degree – $3,250
Main Resistance Degree – $3,350
