Ethereum Gains Over 8%, Eyes $3,380 Resistance Level
Ethereum's price experienced an increase above $3,250 and is now consolidating. The cryptocurrency might target further gains if it surpasses the $3,380 resistance.
- ETH rose above key levels: $3,200 and $3,250.
- The price trades above $3,200 and the 100-hourly Simple Moving Average.
- A bullish trend line supports at $3,210 on the ETH/USD hourly chart.
- The price might continue upward if it stabilizes above $3,350.
Ethereum Price Rallies Over 8%
Ethereum maintained a position above $3,000, outpacing Bitcoin. It surpassed resistance levels at $3,120 and $3,250, reaching a high of $3,396 before consolidating. A minor drop occurred below the 23.6% Fib retracement level from the $3,094 swing low to $3,396.
If ETH rises again, potential resistance lies near $3,320 and $3,350. A breakthrough above $3,380 could push the price toward $3,420 and possibly up to $3,500 or $3,550 soon.
Potential Pullback in ETH?
If Ethereum cannot exceed the $3,380 resistance, a decline might start. Initial support is around $3,250 and the 50% Fib retracement level from $3,094 to $3,396. The major support is near $3,210.
- A fall below $3,210 could lead to $3,150 support.
- Further losses might bring the price to $3,050, with key support at $3,000.
Technical Indicators:
- Hourly MACD shows bullish momentum for ETH/USD.
- Hourly RSI is above 50 for ETH/USD.
Major Support Level: $3,210
Major Resistance Level: $3,380