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Ethereum price started a new rise above $3,220. ETH is rising and targeting further gains above the $3,350 resistance level.
- Ethereum began a new rise above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a short-term contraction triangle forming with resistance at $3,360.
- A break above the $3,385 resistance area could provide bullish momentum.
Ethereum price gains traction again
Ethereum price stayed above $3,000 and started a new rise like Bitcoin. ETH rose above the resistance levels of $3,150 and $3,220.
The rally pushed the price above the $3,300 level. It rose more than 10% to $3,387. It is consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is currently trading above $3,220 and the 100-hour simple moving average. On the other hand, the price appears to be facing a hurdle near the $3,350 level. The hourly chart of ETH/USD also has a short-term contraction triangle with resistance forming at $3,360.
The first major resistance is near the $3,385 level. Major resistance is currently forming near $3,420. A clear break above the $3,420 resistance level could push the price towards the $3,550 resistance level. An uptick above the $3,550 resistance could lead to further gains in the coming sessions. If indicated, Ethereum could rise to the $3,650 resistance zone or even $3,880.
Another decline in ETH?
If Ethereum fails to clear the $3,350 resistance, another decline could begin. Initial support for the downside is near the $3,300 level. The first major support is near the $3,250 area.
A clear decline below the $3,250 support could push the price towards $3,220 or the 50% Fib retracement level of the move from the $3,036 low to the $3,387 high. More losses could push the price towards the $3,150 support level in the near term. The next major support level is $3,050.
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 zone.
Key Support Level – $3,250
Key Resistance Level – $3,385