The Ethereum price started a new increase above $3.250. ETH is now consolidating gains and could target more gains if it clears the USD 3,380 resistance.
- Ethereum started a new increase above the USD 3,200 and USD 3,250 levels.
- The price is trading above $3,200 and the 100-hourly Simple Moving Average.
- A bullish trendline is forming with support at $3,210 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it breaks above the $3,350 zone.
Ethereum Price Rises Over 8%
The Ethereum price managed to stay above $3,000 and started a new increase, beating Bitcoin. ETH price gained strength thanks to a move above the USD 3,120 and USD 3,250 resistance levels.
The bulls even pushed the price above $3,350. However, the bears were active below $3,400. A high was reached at $3,396 and the price is now consolidating. There was a small decline below the 23.6% Fib retracement level of the upwave from the $3,094 swing low to the $3,396 low.
Ethereum price is now trading above $3,200 and the 100-hourly Simple Moving Average. A bullish trendline is also forming with support at $3,210 on the hourly chart of ETH/USD.
If another upward move occurs, the price may encounter resistance near the $3,320 level. The next major resistance is near the $3,350 level. The first major resistance is around the $3,380 level. A clear move above the USD 3,380 resistance could send the price towards the USD 3,420 resistance. An upside break above the $3,420 region could call for more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,500 or even USD 3,550 resistance zone in the short term.
Withdrawal in ETH?
If Ethereum fails to clear the USD 3,380 resistance, it could trigger another decline. Initial support on the downside is near the $3,250 level and the 50% Fib retracement level of the upward wave from the $3,094 swing low to the $3,396 low. The first major support is near the $3,210 zone.
A clear move below the USD 3,210 support could push the price towards the USD 3,150 support. Any further losses could send the price towards $3,050. The next major support is $3,000.
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 – $3,210
Major resistance level – $3,380