Ethereum tested the $ 3,380 zone before correcting lower against the US dollar. ETH price is still trading above $ 3,300 and could try another uptrend.
- Ethereum began another spike above the $ 3,300 and $ 3,320 resistance levels.
- The price is now trading above $ 3,250 and the 100-hour simple moving average.
- A major bullish flag is forming on the hourly chart of ETH / USD (data feed via Kraken) with resistance near USD 3,340.
- The pair could continue to rise if there is a clear break above $ 3,340 and $ 3,350.
Ethereum Price Consolidates Profits
Ethereum settled above the USD 3,300 resistance and continued to climb. The ETH price even traded above $ 3,350, but it failed to clear $ 3,380. Recently there has been a downward correction below $ 3,350, similar to Bitcoin.
There was a break below the 23.6% fib retracement level of the move up from the low of $ 3,130 to the high of $ 3,380. It is now trading above $ 3,250 and the 100-hour simple moving average.
A major bullish flag is forming on the hourly chart of ETH / USD with resistance near USD 3,340. On the flip side, initial resistance is near the $ 3,340 and $ 3,350 levels. A clear break above channel resistance and $ 3,350 could require further gains.
Source: ETHUSD on TradingView.com
The next major resistance is now forming near $ 3,280. Further gains could potentially require a move towards the $ 3,500 mark in the near future. Medium resistance could potentially be near $ 3,420.
More losses in ETH?
If Ethereum is no longer above the USD 3,340 and USD 3,350 resistance levels, it could usher in a new downward correction. Immediate support on the downside is near the $ 3,300 mark. The main support is now forming near the USD 3,250 zone and the 100-hour simple moving average.
It is near the 50% Fib retracement level of the move up from the low of $ 3,130 to the high of $ 3,380. A break below the USD 3,250 support zone could push the price further down. The next big support could be at $ 3,200, below which the price could hit the $ 3,130 and $ 3,120 support levels again.
Hourly MACD – The MACD for ETH / USD is slowly losing pace in the upward zone.
Hourly RSI – The RSI for ETH / USD is still above the 50 mark.
Great level of support – $ 3,250
Great resistance level – $ 3,350