Ethereum price started a significant increase above the $3,350 resistance. ETH is now consolidating its gains and holding key support at $3,280.
- Ethereum has started a downward correction after a major rally to $3,400.
- The price is trading above $3,280 and the 100 hourly simple moving average.
- A bullish trendline is forming with support at $3,280 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could begin a further rise if it stays above the $3,280 zone.
Ethereum price hits support
Ethereum price remained stable above $3,300 and started a further rise, like Bitcoin. ETH price broke above the $3,320 and $3,350 resistance levels.
A high was formed at $3,402 and the price recently began a downward correction. There was a move below $3,320. The price fell below the 23.6% Fibonacci retracement level of the recent wave from the $3,060 low to $3,402 high.
Ethereum price is now trading above $3,280 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $3,280 on the ETH/USD hourly chart.
If the bulls manage to protect more losses below $3,280, the price could attempt a further rise. Immediate resistance is seen near the $3,320 level. The first key resistance is near the $3,350 level. The next major resistance is near the $3,385 level. A sharp move above the $3,385 resistance could send the price towards the $3,450 resistance. A bullish break above the $3,450 region could lead to further gains in the coming days. In the presented case, Ether could reach the resistance zone of $3,500 or even $3,550 in the short term.
ETH breaking down?
If Ethereum fails to clear the $3,320 resistance, it could begin a further decline. Initial downside support is near the $3,280 level and the trendline. The first major support lies near the $3,260 area and the 100 hourly SMA.
A sharp move below the $3,260 support could push the price towards the $3,220 support and the 50% Fibonacci retracement level of the recent wave from the $3,060 low to $3,402 high. Any further losses could push the price towards the $3,150 region.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,280
Major Resistance Level – $3,385
