Ethereum started a steady increase above $3,250 and $3,300 against
the US Dollar. ETH price is now struggling to gain strength above
$3,400 and $3,450. Ethereum started a downside correction after it
faced sellers near the $3,500 zone. The price is now trading above
$3,200 and the 100 hourly simple moving average. There was a break
above a declining channel with resistance near $3,380 on the hourly
chart of ETH/USD (data feed via Kraken). The pair could start a
fresh increase if it remains stable above the $3,275 support.
Ethereum Price Gains Pace Ethereum gained strength for a move above
the $3,200 level. ETH even climbed above the $3,300 level and the
100 hourly simple moving average. However, the price failed near
the $3,500 zone. A high was formed near $3,489 before there was a
downside correction, similar to bitcoin. The price corrected lower
below the $3,350 support level. However, the bulls were active near
the $3,275 level and the 100 hourly simple moving average. A low
was formed near $3,275 and the price started a fresh increase.
There was a break above the $3,350 resistance level. Ether climbed
above the 50% Fib retracement level of the downward move from the
$3,489 swing high to $3,275 low. There was also a break above a
declining channel with resistance near $3,380 on the hourly chart
of ETH/USD. It is now consolidating near the $3,380 zone. Source:
ETHUSD on TradingView.com An immediate resistance on the upside is
near the $3,420 level. The first major resistance is near the
$3,440 level. It is near the 76.4% Fib retracement level of the
downward move from the $3,489 swing high to $3,275 low. The next
major resistance is near the $3,500 level, above which the price
might accelerate towards $3,700. Dips Limited in ETH? If ethereum
fails to continue higher above the $3,420 and $3,440 resistance
levels, it could start a fresh downside correction. An initial
support on the downside is near the $3,350 level. The first key
support is now forming near the $3,300 level and the 100 hourly
simple moving average. If ether fails to stay above $3,300 and
$3,275, it could continue to move down. The next major support
could be near the $3,200 level. Technical Indicators Hourly MACD –
The MACD for ETH/USD is now losing pace in the bullish zone. Hourly
RSI – The RSI for ETH/USD is just above the 50 level. Major Support
Level – $3,275 Major Resistance Level – $3,440

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