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Ethereum price is consolidating above the $3,180 support level. ETH must break above the $3,350 resistance area to start a new near-term rally.
- Ethereum started a new surge from the $3,180 support area.
- The price is trading above the $3,250 level and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another increase if it remains above the $3,220 support level.
Ethereum price breaks resistance
Ethereum price started a good upward movement from the $3,180 level, beating Bitcoin. ETH managed to clear the $3,220 and $3,250 resistance levels.
There was a break above the major downtrend line with resistance at $3,280 on the hourly chart of the ETH/USD pair. The pair even crossed $3,300 and tested $3,350. The high was formed at $3,346 and the price is now moving lower. There was a move below the $3,320 and $3,300 support levels.
The price fell below the 23.6% Fibonacci retracement level of the upward move from the swing low at $3,181 to the swing high at $3,346. Ethereum price is now trading above $3,250 and the 100 hourly simple moving average.
On the upside, the price appears to be facing hurdles near the $3,350 level. The first major resistance is near the $3,370 level. The main resistance is now forming near $3,450.
A clear move above the $3,450 resistance level could send the price towards the $3,500 resistance level. A bullish break above the $3,500 resistance may require further gains in the coming sessions. In the mentioned case, Ether could rise towards the $3,550 or even $3,580 resistance area in the near term.
Another drop in ETH?
If Ethereum fails to break above the $3,350 resistance level, it could start another decline. Initial support on the downside is near the $3,260 level. The first major support is near the $3,220 level.
A clear move below the $3,220 support level could push the price towards the $3,180 support level. Any further losses could send the price towards the $3,120 support level in the near term. The next major support is at $3,050.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Key Support Level – $3,250
Major resistance level – $3,350
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