The price of Ethereum has hit a multi-month high above $3,300. ETH is showing strength and Bitcoin is rising at a rate above the $60,000 resistance level.
- Ethereum expanded its gains above the $3,300 resistance zone.
- The price is trading above $3,250 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a bullish trendline connected to support at $3,320.
- In the short term, it could extend the upside to $3,420 or even $3,500.
Ethereum price is lower than Bitcoin
Ethereum price began another steady rise from the $3,150 support zone. ETH moved further into positive territory by clearing the $3,220 and $3,250 resistance levels.
However, Bitcoin performed better and rose significantly above the $58,000 resistance level. It soared more than 10% and surpassed the $60,000 level. Ether also managed to pump above $3,300. A new multi-week high was formed near $3,368 and the price is now continuing its upward trend.
It is trading above the 23.6% Fib retracement level of the bullish wave from the $3,206 swing low to the $3,368 high. Additionally, on the hourly chart of ETH/USD, there is a connecting bullish trendline with support at $3,320.
Ethereum is currently trading above $3,250 and the 100-hour simple moving average. Immediate upside resistance is near the $3,365 level. The first major resistance is near the $3,420 level. The next major resistance level is near $3,450, above which the price could gain upward momentum.
Source: ETHUSD on TradingView.com
In case of a move above the $3,500 resistance, Ethereum may rebound towards the $3,650 resistance. A test of $3,800 may be needed for further gains.
Fixing ETH’s shortcomings?
If Ethereum fails to clear the $3,365 resistance, a downward correction could begin. Initial support for the downside is near the $3,320 level.
The first major support is near the $3,280 area 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 decline below the $3,160 support could lead the price towards $3,120. Any more losses could push the price down to the $3,050 level.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $3,265
Key Resistance Level – $3,365
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