Ethereum price started a major increase above the $3,350 resistance. ETH is now consolidating gains and holding the key support at $3,280.

• Ethereum started a downside correction after a major rally to $3,400.
• The price is trading above $3,280 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 start a fresh increase if it stays above the $3,280 zone.

Ethereum Price Hits Support

Ethereum price remained stable above $3,300 and started a fresh increase, like Bitcoin. ETH price rallied above the $3,320 and $3,350 resistance levels.

A high was formed at $3,402, and the price recently started a downside correction. There was a move below $3,320. The price dipped below the 23.6% Fib retracement level of the recent wave from the $3,060 swing low to the $3,402 high.

Ethereum price is now trading above $3,280 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 $3,320 level. The first key resistance is near the $3,350 level. The next major resistance is near the $3,385 level. A clear move above the $3,385 resistance might send the price toward the $3,450 resistance. An upside break above the $3,450 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,500 resistance zone or even $3,550 in the near term.

Downside Break In ETH?

If Ethereum fails to clear the $3,320 resistance, it could start a fresh decline. Initial support on the downside is near the $3,280 level and the trend line. The first major support sits near the $3,260 zone and the 100 hourly SMA.

A clear move below the $3,260 support might push the price toward the $3,220 support and the 50% Fib retracement level of the recent wave from the $3,060 swing low to the $3,402 high. Any more losses might send the price toward the $3,150 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 below the 50 zone.

Major Support Level – $3,280

Major Resistance Level – $3,385

Bitcoin price remained supported above the $85,500 zone. BTC is now rising and might aim for a move above the $88,000 resistance zone.

• Bitcoin started a fresh recovery wave above the $87,000 zone.
• The price is trading above $87,000 and the 100 hourly Simple moving average.
• There is a key bearish trend line forming with resistance at $88,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $88,000 and $88,200 levels.

Bitcoin Price Remains Supported

Bitcoin price remained stable above the $85,500 level. BTC formed a base and recently started a recovery wave above the $86,200 resistance level.

The bulls pushed the price above the $87,000 resistance level. There was a decent upward move and the price was able to clear the 50% Fib retracement level of the recent downside correction from the $88,259 swing high to the $85,853 swing low.

Bitcoin price is now trading above $86,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $87,700 level and the 76.4% Fib retracement level of the recent downside correction from the $88,259 swing high to the $85,853 swing low.

The first key resistance is near the $88,000 level. The next key resistance could be $88,200. There is also a key bearish trend line forming with resistance at $88,200 on the hourly chart of the BTC/USD pair.

A close above the $88,200 resistance might send the price further higher. In the stated case, the price could rise and test the $89,500 resistance level. Any more gains might send the price toward the $90,000 level or even $90,500.

Another Drop In BTC?

If Bitcoin fails to rise above the $88,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $87,000 level. The first major support is near the $86,500 level.

The next support is now near the $85,500 zone. Any more losses might send the price toward the $85,000 support in the near term. The main support sits at $84,500.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $87,000, followed by $86,500.

Major Resistance Levels – $88,000 and $88,200.