Ethereum Price Rises 10% Aiming for Gains Above $3,350 Resistance
Ethereum price initiated an increase above the $3,220 level and is targeting gains beyond the $3,350 resistance.
- Ethereum began rising above the $3,220 and $3,300 levels.
- The price trades above $3,250 and the 100-hourly Simple Moving Average.
- A short-term contracting triangle is forming with resistance at $3,360 on the hourly ETH/USD chart (data from Kraken).
- A bullish momentum may occur if the price surpasses the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remains supported above $3,000 and has increased similarly to Bitcoin. It surpassed the $3,150 and $3,220 resistance levels.
The price rose over 10%, reaching as high as $3,387, while consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 low to the $3,387 high.
Currently, Ethereum trades above $3,220 and the 100-hourly Simple Moving Average. Resistance near $3,350 presents a challenge. A short-term contracting triangle with resistance at $3,360 is noted on the hourly chart.
The first significant resistance is around $3,385, while major resistance forms near $3,420. A clear breakout above $3,420 could lead to a rise towards $3,550. Further gains might push Ether towards the $3,650 or even $3,880 resistance zones.
Potential Decline in ETH?
If Ethereum does not break the $3,350 resistance, it may decline. Initial support is near $3,300, with major support at approximately $3,250.
A drop below $3,250 could lead to prices approaching $3,220 or the 50% Fib retracement level from the recent low of $3,036 to the high of $3,387. Additional losses might bring the price down to $3,150, with further key support at $3,050.
Technical Indicators
Hourly MACD: The MACD for ETH/USD shows increasing momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is currently above the 50 level.
Major Support Level: $3,250
Major Resistance Level: $3,385