In terms of the US dollar, Ethereum is stabilizing below the $3,450 barrier level. If the price of ETH remains over $3,250, it may begin to rise again.
Ethereum continued to rise beyond the $3,400 resistance level. ETH even broke through the $3,450 resistance and reached a peak of $3,482.
Recently, there was a downward correction below $3,400. The price even fell below $3,350, but remained over $3,320. It is also trading above the $3,300 mark and the 100-hour simple moving average. On the hourly chart of ETH/USD, a big bullish trend line is forming with support near $3,250.
Ethereum continued to rise beyond the $3,400 resistance level. ETH even broke through the $3,450 resistance and reached a peak of $3,482.
Recently, there was a downward correction below $3,400. The price even fell below $3,350, but remained over $3,320. It is also trading above the $3,300 mark and the 100-hour simple moving average. On the hourly chart of ETH/USD, a big bullish trend line is forming with support near $3,250.
A closing above the $3,450 level might push the price up to the $3,500 level. If the bulls keep pushing, the price could perhaps break through $3,550.
If Ethereum fails to start a fresh increase above the $3,450 level, it could start another downside correction. An initial support on the downside is near the $3,350 zone.
The next major support is near the $3,300 level. The main support is near the $3,250 zone and a connecting bullish trend line. A downside break below the $3,250 support zone might push the price towards the $3,100 level.
Key point
Ethereum is consolidating below the $3,450 resistance against the US Dollar. ETH price could resume increase if it stays above the $3,250 support. Ethereum is showing positive signs above the $3,350 support zone.
* The price is now trading above $3,300 and the 100 hourly simple moving average.
* There is a major bullish trend line forming with support near $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
* The pair could start another increase if it clears the $3,440 and $3,450 resistance levels.
