Ethereum Price Approaches Critical Resistance: A Turning Point?

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Ethereum price started a recovery wave from the $3,220 support. ETH is now recovering some losses and might rise if it clears the $3,550 resistance. Ethereum started a fresh increase above the $3,350 zone. The price is trading above $3,420 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $3,425 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a decent increase if it clears the $3,520 and $3,550 resistance levels. Ethereum Price Starts Recovery

Ethereum price remained stable above $3,220 and started a recovery wave like Bitcoin. ETH was able to climb above the $3,350 and $3,400 resistance levels.

The price even cleared the $3,500 resistance level. However, the bears remained active below the $3,550 level. A high was formed at $3,534 and the price is now consolidating gains. It corrected some points below the 23.6% Fib retracement level of the recent wave from the $3,226 swing low to the $3,534 high.

Ethereum price is now trading above $3,420 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,425 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $3,520 level. The first major resistance is near the $3,540 level. Source: ETHUSD on TradingView.com

The main resistance is now forming near $3,550. A clear move above the $3,550 resistance might send the price toward the $3,650 resistance. An upside break above the $3,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,720 resistance zone or even $3,800. Another Decline In ETH?

If Ethereum fails to clear the $3,550 resistance, it could continue to move down. Initial support on the downside is near the $3,425 level and the trend line. The first major support sits near the $3,375 zone.

A clear move below the $3,375 support might push the price toward the $3,320 support. Any more losses might send the price toward the $3,220 support level in the near term. The next key support sits at $3,110.

Technical Indicators

Hourly MACD–The 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 – $3,425

Major Resistance Level – $3,550