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Ethereum price started a new increase above the $3,220 zone. ETH is rising and targeting more gains above the USD 3,350 resistance.
- Ethereum started a new increase above the USD 3,220 and USD 3,300 levels.
- The price is trading above USD 3,250 and the 100-hourly Simple Moving Average.
- A short-term contracting triangle is forming at resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it crosses the $3,385 resistance zone.
Ethereum price regains traction
The Ethereum price remained supported above $3,000 and started a new increase just like Bitcoin. ETH gained pace and rose above the USD 3,150 and USD 3,220 resistance levels.
The bulls pumped the price above the USD 3,300 level. It gained more than 10% to trade as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level from the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles around the USD 3,350 level. A short-term contracting triangle is also forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is around the $3,385 level. The main resistance is now forming around $3,420. A clear move above the USD 3,420 resistance could send the price towards the USD 3,550 resistance. An upside break above the USD 3,550 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,650 or even USD 3,880 resistance zone.
Another drop in ETH?
If Ethereum fails to clear the USD 3,350 resistance, it could trigger another decline. The initial downside support is near the $3,300 level. The first major support is near the $3,250 zone.
A clear move below the $3,250 support could push the price towards $3,220 or the 50% Fib retracement level from the recent move from the $3,036 swing low to the $3,387 high. Any further losses could send the price towards the USD 3,150 support level in the near term. The next major support is at $3,050.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3,250
Major resistance level – $3,385