Ethereum Price Surges Nearly 10%, Clearing $3,550 Resistance

Ethereum price remained supported above the $3,250 zone and initiated a surge, surpassing the $3,550 resistance level.

Ethereum began an increase from the $3,250 support zone.
The price trades above $3,500 and the 100-hourly Simple Moving Average.
A break occurred above a bearish trend line with resistance at $3,375 on the hourly chart of ETH/USD.
The pair is up nearly 10% and consolidating gains near the $3,650 zone.

Ethereum Price Surge

Ethereum price maintained support above $3,250, leading to an increase alongside Bitcoin. ETH surpassed the $3,350 and $3,400 resistance levels.

A break above the bearish trend line with resistance at $3,375 facilitated a rise above the $3,500 and $3,550 levels. The price reached as high as $3,688.

Currently, the price is correcting below $3,650 while trading above $3,550 and the 100-hourly Simple Moving Average. It also remains above the 23.6% Fib retracement level from the $3,254 swing low to the $3,688 high.

Resistance appears near the $3,650 level, with major resistance at $3,685 and primary resistance forming around $3,720.

A clear move above the $3,720 resistance could lead the price toward $3,840. A breakout above this level may push Ether towards $3,950 or even $4,000.

Downside Support for ETH

If Ethereum does not clear the $3,685 resistance, it may experience a decline. Initial support is near the $3,585 level, with major support at $3,550.

A drop below $3,550 might direct the price toward the 50% Fib retracement level at $3,470. Further losses could lead to the $3,350 support level, with the next key support at $3,250.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI: The RSI for ETH/USD is now above the 50 zone.

Major Support Level: $3,485

Major Resistance Level: $3,685