Ethereum price has started a significant rally above the resistance at $3,160. ETH is currently consolidating gains and may fall towards the $3,250 zone.

• Ethereum has started a downward correction after a major surge to $3,375.
• The price is above $3,300 and the 100-hour elementary moving average.
• There has been a break above the major bearish trend line with resistance at $3,140 on the ETH/USD hourly chart (data via Kraken).
• The pair may continue to rise if it remains above the $3,250 zone.

Ethereum price reaches $3,350 again

Ethereum price remained stable above $31.20 and started a recent rally, just like Bitcoin. ETH price rose above the $3,160 and $3,200 resistance levels.

There has been a break above the major bearish trend line with resistance at $3,140 on the ETH/USD hourly chart. The bulls even pushed the price above $3,300. The highest level was formed at $3,374 and the price is currently correcting some increases.

Ethereum price is currently trading above $3,300 and the 100-hour elementary moving average. If bulls manage to hedge more losses below $3,300 or the 23.6% Fib retracement level of the recent wave from the low of $3,061 to the high of $3,374, the price could be tempted to move higher.

Immediate resistance is seen near the $3,340 level. The first key resistance is near the $3,380 level. The next major resistance is near the $3,420 level. A clear move above the $3,420 resistance could push the price towards the $3,500 resistance. An upward break above the $3,500 area could trigger further gains in the coming days. In the given case, Ether may rise towards the resistance zone at $3,550 or even $3,650 in the near future.

Correction of declines in ETH?

If Ethereum fails to break the resistance at $3,340, a recent decline could begin. Initial downside support is near the $3,300 level. The first major support is located near the $3,250 zone.

A clear move below the $3,250 support could push the price towards the $3,220 support and the 50% Fib retracement level of the last wave from a low of $3,061 to a high of $3,374. Any further losses could push the price towards the $3,180 region.

Technical indicators

Hourly MACD – MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.

Main support level – USD 3,250

Major resistance level – $3,340