Ethereum price surpassed $3,400, hitting its highest level in months. ETH is consolidating like Bitcoin and seems poised for another bull run.
- Ethereum extended its gains above the $3,400 resistance zone.
- The price is trading above $3,350 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline with support at $3,250.
- The pair may move lower, but the decline may be limited below the $3,250 support zone.
Ethereum price rally extends
Ethereum price remained in bullish territory after stabilizing above the $3,000 pivot level. Bitcoin showed strong movement above the $60,000 resistance level. It even rose to the $64,000 level. ETH also started a significant rise and cleared the $3,320 resistance.
It surged more than 10% to test the $3,500 level. It hit multi-month highs around $3,496 before a sharp decline occurred. The lowest point was made at $3,111 and the price is currently attempting a new rise. It is still above the 23.6% Fib retracement level of the bullish wave from the $3,111 swing low to the $3,465 high.
Ethereum is currently trading above $3,350 and the 100-hour simple moving average. Additionally, there is a major bullish trendline on the hourly chart of ETH/USD with support at $3,250. The trend line is close to the 61.8% Fib retracement level of the bullish wave from the $3,111 swing low to the $3,465 high.
Immediate upside resistance is near the $3,450 level. The first major resistance is near the $3,500 level. The next major resistance level is near $3,550, above which the price could gain upward momentum.
Source: ETHUSD on TradingView.com
A move above the $3,550 resistance may cause Ethereum to rebound towards the $3,680 resistance. A test of $3,800 may be needed for further gains.
Fixing ETH’s shortcomings?
If Ethereum fails to clear the $3,450 resistance, a downward correction could begin. Initial support for the downside is near the $3,380 level.
The first major support is near the $3,285 area. The next major support could be the $3,250 zone and the trend line. A clear move below the $3,250 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 – $3,285
Key Resistance Level – $3,450
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