Ethereum price has shown signs of recovery after hitting a low of $3,230. The cryptocurrency managed to climb above $3,350 but is currently facing strong resistance at $3,420. Ethereum started an upside correction from the $3,240 support zone, with the price trading below $3,420 and the 100-hourly Simple Moving Average. A key bearish trend line is forming with resistance near $3,410 on the hourly chart of ETH/USD through data feed via Kraken. To continue higher, Ethereum must clear the $3,420 and $3,450 resistance levels.
During the recent downtrend, Ethereum tested the $3,240 support zone before starting a recovery wave similar to Bitcoin. The price saw an increase above the $3,300 and $3,320 levels, with bulls pushing the price above $3,350. It even spiked above the 61.8% Fib retracement level of the downward move from the $3,518 swing high to the $3,230 low. However, strong resistance is evident near the $3,420 zone, with a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD. Ethereum remains below $3,420 and the 100-hourly Simple Moving Average, facing hurdles near the trend line and $3,420.
A close above the $3,450 level could push Ethereum towards the $3,520 resistance, with the next key resistance at $3,550. A break above $3,550 could signal further upward movement towards $3,620 and potentially $3,650. Failure to clear the $3,420 resistance could lead to another decline, with initial support at $3,375 and major support at $3,350. A move below $3,350 could see Ethereum dropping towards $3,280 and possibly the $3,240 level in the near term. The hourly MACD for ETH/USD is losing momentum in the bullish zone, while the hourly RSI is above the 50 zone. The major support level is at $3,300, with resistance at $3,420.
In conclusion, Ethereum price has shown resilience in the face of recent market fluctuations, with a potential recovery underway. The cryptocurrency is facing key resistance at $3,420, which must be cleared for further upside movement towards $3,520 and beyond. Failure to break above this level could lead to another decline, with support levels at $3,375 and $3,350. Traders and investors are advised to monitor technical indicators such as the MACD and RSI for signals of potential price movements. Overall, Ethereum’s price trajectory remains uncertain, with both bullish and bearish scenarios on the horizon.
