Ethereum price climbed to a new multi-month high above $3,200. ETH is consolidating as Bitcoin moves faster above the $55,000 resistance.
- Ethereum extended its rise above the USD 3,200 resistance zone.
- The price is trading above USD 3,175 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its rise to $3,320 or even $3,450 in the short term.
Ethereum price underperforms Bitcoin
Ethereum price remained in a positive zone and extended its rise above the USD 3,050 resistance. ETH climbed above the $3,200 resistance, but upside remained limited after Bitcoin rose above $55,000.
Ether even peaked above $3,250. A new multi-week high is formed near $3,274 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $3,041 swing low to the $3,274 high.
There is also a major bullish trendline forming with support at $3,150 on the hourly chart of ETH/USD. The trendline is close to the 61.8% Fib retracement level of the upward move from the $3,041 swing low to the $3,274 high.
Ethereum is now trading above $3,175 and the 100-hourly Simple Moving Average. The immediate resistance on the upside is near the $3,250 level. The first major resistance is around the $3,275 level. The next major resistance is near USD 3,320, above which the price could gain bullish momentum.
Source: ETHUSD on TradingView.com
If there is a move above the USD 3,400 resistance, Ether could even move towards the USD 3,450 resistance. Any winnings could require a $3,500 test.
Are dips limited in ETH?
If Ethereum fails to clear the USD 3,250 resistance, it could initiate a downward correction. The initial downside support is near the USD 3,200 level.
The first major support is near the $3,150 zone and trendline, below which Ether could test $3,130. The next major support could be the $3,100 zone. A clear move below the USD 3,100 support could send the price towards USD 3,050 or the 100-hourly Simple Moving Average. Any further losses could send the price towards the USD 2,880 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 – $3,150
Major resistance level – $3,250
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