Ethereum Price Holds Above $3,300 Amid Potential Upside Break

Ethereum's price experienced a significant increase, surpassing the $3,160 resistance level. It is currently consolidating gains and might dip toward $3,250.

ETH corrected downward after reaching $3,375.
The price is trading above $3,300 and the 100-hourly Simple Moving Average.
A break occurred above a key bearish trend line at $3,140 on the ETH/USD hourly chart.
Further upward movement could happen if it stays above $3,250.

Ethereum Price Dynamics

Ethereum remained stable above $3,120 and increased again, similar to Bitcoin. The price exceeded $3,160 and $3,200 resistance levels. A high was formed at $3,374, with some corrections observed.

Ethereum Price

Immediate resistance is near $3,340. Subsequent resistances are at $3,380 and $3,420. Breaking above $3,420 could propel the price towards $3,500 and potentially $3,550 or $3,650 in the near future.

Potential Downside for ETH

If Ethereum fails to surpass $3,340 resistance, a decline may occur. Initial support is near $3,300, with major support at $3,250.

A move below $3,250 might push the price to $3,220 and the 50% Fib retracement level of the recent wave from $3,061 to $3,374.
Further losses could lead to $3,180.

Technical Indicators

Hourly MACD: Losing momentum in the bullish zone.
Hourly RSI: Above the 50 zone.
Major Support Level: $3,250
Major Resistance Level: $3,340