Ethereum price quickly rose above the USD 3,350 resistance zone. ETH tested as high as $3,500 and is aiming for more gains in the near term.
- Ethereum shows strength and tested the USD 3,500 level.
- The price is trading above USD 3,350 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise above the USD 3,500 and USD 3,550 resistance levels.
Ethereum Price Rises 10%, Bulls in Action
Ethereum price started a major rise above the USD 3,250 resistance zone. ETH even climbed above the USD 3,350 resistance to move further into a positive zone. Finally, there was a move above the resistance at $3,440, like Bitcoin.
It tested the $3,500 resistance zone. A high was reached at $3,497 and the price is now consolidating gains. The bulls appear to be active well above the 23.6% Fib retracement level of the upwave from the $3,085 swing low to the $3,497 high.
Ethereum is now trading above $3,400 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $3,320 on the hourly chart of ETH/USD.
On the upside, the price is facing resistance around the $3,480 level. The first major resistance is around the $3,500 level. The next major hurdle is near the USD 3,550 level. A close above the USD 3,550 level could send Ether towards the USD 3,650 resistance.
The next major resistance is near USD 3,720. An upside break above the USD 3,720 resistance could send the price higher towards the USD 3,880 resistance zone in the coming days.
Are dips limited in ETH?
If Ethereum fails to clear the USD 3,500 resistance, it could initiate a downward correction. The initial downside support is near USD 3,400. The first major support is near the $3,320 zone and the trendline.
A clear move below the $3,320 support could push the price towards $3,270 or the 50% Fib retracement level of the upwave from the $3,085 swing low to the $3,497 high. Any further losses could send the price towards the USD 3,220 support level in the near term. The next major support is at USD 3,150.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3,320
Major resistance level – $3,500
