Ethereum price started a major rise above the USD 3,250 resistance zone. ETH even surpassed $3,300 and is aiming for more gains in the near term.
- Ethereum is gaining pace above the USD 3,250 level.
- The price is trading above USD 3,250 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $3,270 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise above the USD 3,320 and USD 3,350 resistance levels.
Ethereum price regains strength
Ethereum price started rising steadily above the USD 3,150 resistance zone. ETH even climbed above the USD 3,250 resistance to move into a positive zone. Finally, there was a move above the $3,300 resistance, like Bitcoin.
It tested the $3,250 resistance zone. It reached a high at $3,339 and the price is now consolidating gains. The bulls appear to be active well above the 23.6% Fib retracement level of the upward move from the $3,084 swing low to the $3,339 high.
Ethereum is now trading above $3,280 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $3,270 on the hourly chart of ETH/USD.
On the upside, the price is facing resistance around the $3,340 level. The first major resistance is around the $3,350 level. The next major hurdle is near the USD 3,420 level. A close above the $3,420 level could send Ether towards the $3,500 resistance.
The next major resistance is near USD 3,550. An upside break above the USD 3,550 resistance could send the price higher towards the USD 3,650 resistance zone in the coming days.
Are dips supported in ETH?
If Ethereum fails to clear the USD 3,340 resistance, it could initiate a downward correction. The initial downside support is near $3,270 and is on the trendline. The first major support is near the $3,220 zone.
A clear move below the $3,220 support could push the price towards $3,200 or the 50% Fib retracement level of the upward move from the $3,084 swing low to the $3,339 high. Any further losses could send the price towards the USD 3,150 support level in the near term. The next major support is at $3,050.
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 – $3,270
Major resistance level – $3,340
