Ethereum price has seen a decent increase, rising above the $3,350 resistance level. The price is currently recovering from recent losses and could gain momentum if it manages to clear the $3,550 resistance level. The price started a fresh increase above the $3,400 zone and is currently trading above $3,450 along with the 100-hourly Simple Moving Average. A connecting bullish trend line is forming with support at $3,455 on the hourly chart of ETH/USD.
Ethereum price aims higher as it climbed above the $3,320 level similar to Bitcoin. It successfully surpassed the $3,400 and $3,420 resistance levels and even broke the $3,500 resistance level. However, the bears are still active below the $3,550 level. The price is consolidating gains after reaching a high of $3,535, and it declined slightly below the 23.6% Fib retracement level. Ethereum price is currently trading above $3,450 and the 100-hourly Simple Moving Average, with a bullish trend line offering support at $3,455 on the hourly chart.
On the upside, Ethereum is facing hurdles near the $3,500 level, with the first major resistance at $3,525. The main resistance level stands at $3,550, and a clear break above this could push the price towards $3,620 and beyond. If Ethereum fails to clear the $3,550 resistance, it could see another decline. Initial support is at $3,455 and the trend line, followed by the $3,375 zone which is the first major support. A break below $3,375 could lead to a further decline towards $3,250 and ultimately the $3,220 support level.
In terms of technical indicators, the hourly MACD for ETH/USD is losing momentum in the bullish zone, while the hourly RSI is now below the 50 zone. The major support level for Ethereum is at $3,425, with the major resistance level at $3,550. If Ethereum manages to clear the resistance levels and maintain a bullish momentum, it could potentially rise towards the $3,680 resistance zone or even $3,750 in the coming sessions. On the other hand, if the resistance levels prove too strong, the price could see a decline towards key support levels at $3,250 and $3,110 in the near term.
