Ethereum price stayed above the $3,400 support zone. ETH is recovering losses, but it must clear $3,600 to continue higher in the near term.
- Ethereum extended its decline and tested the $3,400 support zone.
- The price is trading above $3,500 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $3,500 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it stays above the $3,500 support zone.
Ethereum Price Aims Higher
Ethereum price extended its decline below the $3,500 level. ETH even spiked below the $3,450 support before the bulls appeared. The price traded as low as $3,408 and recently started a recovery wave, like Bitcoin.
There was a move above the $3,500 resistance zone. The price climbed and tested the 50% Fib retracement level of the downward move from the $3,726 swing high to the $3,408 low. Besides, there was a break above a connecting bearish trend line with resistance at $3,500 on the hourly chart of ETH/USD.Another Decline In ETH?
If Ethereum fails to clear the $3,600 resistance, it could start another decline. Initial support on the downside is near the $3,520 level. The first major support is near the $3,500 zone. The next key support could be the $3,400 zone. A clear move below the $3,400 support might send the price toward $3,320. Any more losses might send the price toward the $3,240 level.Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,520 Major Resistance Level – $3,600