Ethereum price climbed to a new multi-month high above $3,400. ETH is consolidating just like Bitcoin and seems to be gearing up for another bullish attack.
- Ethereum extended its rise above the USD 3,400 resistance zone.
- The price is trading above USD 3,350 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct lower, but dips could be limited below the $3,250 support zone.
Ethereum Price Extends Rally
Ethereum price remained in a bullish zone after settling above the $3,000 pivot level. Bitcoin saw strong moves above the $60,000 resistance. It even rose towards the $64,000 level. ETH also started a decent rise and managed to overcome the resistance at $3,320.
It rose more than 10% and even tested the USD 3,500 level. A new multi-month high formed around $3,496 before a sharp decline occurred. A low was formed at $3,111 and the price is now trying to make a new increase. It is still above the 23.6% Fib retracement level of the upward wave from the $3,111 swing low to the $3,465 high.
Ethereum is now trading above $3,350 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $3,250 on the hourly chart of ETH/USD. The trendline is close to the 61.8% Fib retracement level of the upward wave from the $3,111 swing low to the $3,465 high.
The immediate resistance on the upside is near the $3,450 level. The first major resistance is around the $3,500 level. The next major resistance is near USD 3,550, above which the price could gain bullish momentum.
Source: ETHUSD on TradingView.com
If there is a move above the USD 3,550 resistance, Ether could even move towards the USD 3,680 resistance. Any winnings could require a $3,800 test.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 3,450 resistance, it could initiate a downward correction. The initial downside support is near the $3,380 level.
The first major support is near the $3,285 zone. The next major support could be the $3,250 zone and the trendline. A clear move below the USD 3,250 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 – $3,285
Major resistance level – $3,450
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