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Ethereum price started a new increase above the $3,320 zone. ETH is rising and targeting more gains above the USD 3,500 resistance.
- Ethereum started a new increase above the USD 3,300 and USD 3,320 levels.
- The price is trading above USD 3,300 and the 100-hourly Simple Moving Average.
- A short-term bearish trendline is forming at resistance at $3,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it breaks the $3,420 resistance zone.
Ethereum price expects more gains
The price of Ethereum remained above $3,120 and, like Bitcoin, started a new rise. ETH gained pace and rose above the USD 3,220 and USD 3,300 resistance levels.
The bulls pumped the price above the USD 3,400 level. It gained more than 10% to trade as high as $3,499. Recently there was a downward correction below $3,400. The price fell below USD 3,320 and tested USD 3,280. A low was formed at $3,288 and the price is now consolidating above the 23.6% Fib retracement level from the recent decline from the swing high of $3,499 to the low of $3,288.
Ethereum price is now trading above $3,300 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 bearish trendline is also forming with resistance at $3,350 on the hourly chart of ETH/USD.
The first major resistance is around the $3,400 level. Key resistance is now forming near $3,420 or the 61.8% Fib retracement level from the recent decline from the $3,499 swing high to the $3,288 low.
A clear move above the USD 3,420 resistance could send the price towards the USD 3,500 resistance. An upside break above the USD 3,500 resistance could fuel more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,600 or even USD 3,620 resistance zone.
Disadvantages limited in ETH?
If Ethereum fails to clear the USD 3,350 resistance, it could trigger another decline. The initial downside support is near the $3,320 level. The first major support is near the $3,285 zone.
A clear move below the USD 3,285 support could push the price towards USD 3,220. Any further losses could send the price towards the USD 3,120 support level in the near term. The next major support is at $3,040.
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 – $3,300
Major resistance level – $3,350
