Ethereum gained more than 5% and broke the $3,250 resistance against the US Dollar. ETH price is rising and could accelerate higher above $3,350.
- Ethereum started a strong increase above the $3,150 resistance level.
- The price is now trading above $3,250 and the 100 hourly simple moving average.
- There is a crucial bullish trend line forming with support near $3,160 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is consolidating around $3,300 and its rally may extend in the near term.
Ethereum price eyes more pros
Ethereum has formed a base above the $3,050 support area. ETH started another rally and ditched the $3,150 resistance.
There was also a clear move above the $3250 level and the price settled above the 100-hour simple moving average. It traded to a new multi-week high at $3,340 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level of the latest wave from the $3,130 swing low to the $3,340 high.
Besides, there is a crucial bullish trend line forming with support near $3,160 on the hourly chart of ETH/USD. On the upside, there is initial resistance near the $3,350 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $3,400 level. Ether price could start another rally if there is a clear move above the $3,400 resistance. In the mentioned case, the price may test the $3,500 level. Any further gains could call for a move towards the $3,620 resistance area in the upcoming sessions.
Dips Limited in ETH?
If Ethereum fails to start a new rally above the $3,350 level, it may start a downside correction. There is initial support on the downside near the $3,290 region. The next major support is near the $3,235 level. It is close to the 50% Fib retracement level of the recent wave from the swing low at $3,130 to the high at $3,340.
The main support is near the $3,200 area and the trend line. A downside breakout below the $3,200 support area could push the price even lower. In the aforementioned case, the price may drop to $3,050.
MACD per hour – ETH/USD’s MACD is losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now in the overbought territory.
Key Support Level – $3,235
Major Resistance Level – $3,350