Ethereum is consolidating below the $3,450 resistance. According to technical analysis by NewsBTC’s Aayush Jindal, it could continue to rise if it stays above the $3,250 support.
Ethereum Remains Supported
Ethereum corrected lower below the $3,400 level after forming a top near the $3,482 level. ETH even declined below $3,350, but it managed to stay stable above $3,320 and climb back to $3,400. Besides, there is a major bullish trend line forming with support near $3,250 on the hourly chart of ETH/USD.
The first major resistance is near the $3,450 level. If there is a clear move above the $3,450 resistance, ETH could start another surge. A close above the $3,450 level could push the price towards the $3,500 level. If the bulls remain active, the price may even rise above the $3,550 level.
Are Drops Limited on Ethereum?
Jindal says if Ethereum fails to start a fresh increase above the $3,450 level, it could initiate 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 uptrend line. A downside break below the $3,250 support zone could push the price towards the $3,100 level.
What Do Technical Indicators Say?
- Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is now above the 50 level.
- Major Support – $3,250
- Major Resistance – $3,450
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