Ethereum is holding above the $3,280 support level after rallying to $3,402 and subsequently pulling back. Technical indicators are showing a bullish trend line forming on the hourly chart, though upward momentum appears to be waning.
ETH Consolidates After Rally
The cryptocurrency climbed past $3,320 and $3,350 resistance levels before reaching a high of $3,402. Following this peak, the price dipped below the 23.6% Fibonacci retracement level of the move from the $3,060 swing low. A bullish trend line has formed on the hourly ETH/USD chart, with support currently located at $3,280. The token continues to trade above the 100-hourly Simple Moving Average. Immediate resistance is observed at $3,320, followed by $3,350 and $3,385. A decisive break above the $3,385 level could potentially propel prices toward $3,450 and subsequently to the $3,500 mark.
Key Levels in Focus
Technical indicators are presenting a mixed outlook. The Moving Average Convergence Divergence (MACD) is showing a loss of momentum within the bullish zone, while the Relative Strength Index (RSI) has fallen below the 50 mark. Should the support at $3,280 fail to hold, the next significant level to watch is $3,260, which is situated near the 100-hourly SMA. Further downward movement could target the $3,220 level, corresponding to the 50% Fibonacci retracement, with $3,150 identified as a deeper support zone.