Ethereum Price Upside Bid Fades, Can Bulls Hold the Line?

Ethereum price started a major increase above the $3,320 resistance. ETH is now consolidating gains and might dip toward the $3,280 zone.

• Ethereum started a downside correction after a major rally to $3,400.
• The price is trading above $3,300 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $3,280 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it stays above the $3,280 zone.

Ethereum price remained stable above $3,220 and started a fresh increase, like Bitcoin. ETH price rallied above the $3,250 and $3,320 resistance levels.

The bulls even pumped the price above $3,350. A high was formed at $3,402, and the price is now correcting some gains. There was a minor decline below $3,350 and the 23.6% Fib retracement level of the recent wave from the $3,061 swing low to the $3,402 high.

Ethereum price is now trading above $3,300 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $3,280 on the hourly chart of ETH/USD.

If the bulls can protect more losses below $3,280, the price could attempt another increase. Immediate resistance is seen near the $3,350 level. The first key resistance is near the $3,380 level. The next major resistance is near the $3,400 level. A clear move above the $3,400 resistance might send the price toward the $3,500 resistance. An upside break above the $3,500 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,650 in the near term.

If Ethereum fails to clear the $3,400 resistance, it could start a fresh decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,280 zone and the trend line.

A clear move below the $3,280 support might push the price toward the $3,230 support and the 50% Fib retracement level of the recent wave from the $3,061 swing low to the $3,402 high. Any more losses might send the price toward the $3,200 region.

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 – $3,280

Major Resistance Level – $3,400