Ethereum price climbed to a new multi-month high above $3,300. ETH is consolidating as Bitcoin moves faster above the $60,000 resistance.
- Ethereum extended its rise above the USD 3,300 resistance zone.
- The price is trading above USD 3,250 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its rise to $3,420 or even $3,500 in the short term.
Ethereum price underperforms Bitcoin
Ethereum price started another steady rise from the USD 3,150 support zone. ETH managed to break the USD 3,220 and USD 3,250 resistance levels to move further into a positive zone.
However, Bitcoin performed better and rose significantly above the USD 58,000 resistance. It rose by more than 10% and even reached the $60,000 level. Ether also managed to rise above $3,300. A new multi-week high is formed near $3,368 and the price is now consolidating gains.
It is trading above the 23.6% Fib retracement level of the upward wave from the $3,206 swing low to the $3,368 high. A connecting bullish trendline is also forming with support at $3,320 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,250 and the 100-hourly Simple Moving Average. The immediate resistance on the upside is near the $3,365 level. The first major resistance is around the $3,420 level. The next major resistance is near USD 3,450, above which the price could gain bullish momentum.
Source: ETHUSD on TradingView.com
If there is a move above the USD 3,500 resistance, Ether could even move towards the USD 3,650 resistance. Any winnings could require a $3,800 test.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 3,365 resistance, it could initiate a downward correction. The initial downside support is near the $3,320 level.
The first major support is near the $3,280 zone and the 61.8% Fib retracement level of the upward wave from the $3,206 swing low to the $3,368 high. The next major support could be the $3,160 zone. A clear move below the USD 3,160 support could send the price towards USD 3,120. Any further losses could send the price towards the USD 3,050 level.
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 level.
Major support level – $3,265
Major resistance level – $3,365
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