Ethereum Price Finds Balance at Support—But the | Crypto News
Ethereum price began a major increase above the $3,350 resistance. ETH is now consolidating beneficial properties and holding the key help at $3,280.
- Ethereum began a draw back correction after a major rally to $3,400.
- The price is trading above $3,280 and the 100-hourly Simple Moving Average.
- There is a bullish pattern line forming with help at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may start a recent increase if it stays above the $3,280 zone.
Ethereum Price Hits Support
Ethereum price remained steady above $3,300 and began a recent increase, like Bitcoin. ETH price rallied above the $3,320 and $3,350 resistance ranges.
A high was shaped at $3,402, and the price lately began a draw back correction. There was a transfer below $3,320. The price dipped below the 23.6% Fib retracement degree of the current wave from the $3,060 swing low to the $3,402 high.
Ethereum price is now trading above $3,280 and the 100-hourly Simple Moving Average. There is also a bullish pattern line forming with help at $3,280 on the hourly chart of ETH/USD.
If the bulls can shield more losses below $3,280, the price may attempt another increase. Immediate resistance is seen close to the $3,320 degree. The first key resistance is close to the $3,350 degree. The next major resistance is close to the $3,385 degree. A clear transfer above the $3,385 resistance would possibly ship the price toward the $3,450 resistance. An upside break above the $3,450 area would possibly call for more beneficial properties in the coming days. In the said case, Ether may rise toward the $3,500 resistance zone or even $3,550 in the close to time period.
Downside Break In ETH?
If Ethereum fails to clear the $3,320 resistance, it may start a recent decline. Initial help on the draw back is close to the $3,280 degree and the pattern line. The first major help sits close to the $3,260 zone and the 100 hourly SMA.
A clear transfer below the $3,260 help would possibly push the price toward the $3,220 help and the 50% Fib retracement degree of the current wave from the $3,060 swing low to the $3,402 high. Any more losses would possibly ship the price toward the $3,150 area.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is shedding momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,280
Major Resistance Level – $3,385
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