Ethereum price started a big rally above the $3320 resistance. ETH is now consolidating gains and could fall towards the $3280 zone.
- Ethereum has started a correction on the downside after a big rally to $3400.
- The price is moving above $3,300 and the 100-hour simple moving average.
- An uptrend line is forming with support at $3280 on the hourly chart of ETH/USD (data via Kraken).
- The pair could continue to rise if it stays above the $3,280 zone.
Ethereum price rises to $3400
The price of Ethereum remained stable above $3220 and started a new rally, like Bitcoin. ETH price rose above the resistance levels of $3250 and $3320.
The bulls even pushed the price above $3350. A high was formed at $3402 and the price is now correcting some gains. There was a minor dip below $3,350 and the 23.6% Fib retracement level of the recent $3,061 wave to the $3,402 low.
Ethereum price is now moving above $3,300 and the 100-hour simple moving average. A bullish trend line is also forming with support at $3280 on the hourly chart of ETH/USD.
If the bulls can protect more losses below $3,280, the price may attempt another rally. Current resistance is seen near the $3350 level. The first key resistance is near the $3380 level. The next major resistance is near the $3400 level. A clear move above the $3,400 resistance could send the price towards the $3,500 resistance. A break above the $3500 region could claim more gains in the coming days. In the said case, Ether could rise towards the resistance zone of $3550 or even $3650 in the near future.
Another ETH crash?
If Ethereum fails to overcome the $3,400 resistance, a new decline could begin. Initial support on the downside is near the $3,300 level. The first major support is located near the $3280 zone and the trend line.
A clear move below the $3,280 support could push the price towards the $3,230 support and the 50% Fib retracement level of the recent swing from the $3,061 swing low to the $3,402 high. Any further loss could push the price to the $3,200 region.
Technical indicators
Hourly MACD – MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3280
Main resistance level – 3400 USD
