Ethereum Price Surges Above $3,300 Aiming for $3,500 Resistance
Ethereum price increased above the $3,320 zone and aims for gains above the $3,500 resistance.
- ETH started a rise above the $3,300 and $3,320 levels.
- The price is trading above $3,300 and the 100-hourly Simple Moving Average.
- A short-term bearish trend line is forming with resistance at $3,350 on the hourly chart of ETH/USD (data from Kraken).
- The pair may gain bullish momentum if it surpasses the $3,420 resistance zone.
Ethereum Price Eyes More Gains
Ethereum price remained supported above $3,120 and began an increase similar to Bitcoin. ETH rose past the $3,220 and $3,300 resistance levels.
The price surpassed $3,400, gaining over 10% to reach as high as $3,499. Following this, a correction occurred, dropping below $3,320 to test $3,280, where a low was formed at $3,288. The price is currently consolidating above the 23.6% Fib retracement level of the decline from $3,499 to $3,288.
Currently, Ethereum trades above $3,300 and the 100-hourly Simple Moving Average. Resistance is evident near the $3,350 level, coinciding with a forming bearish trend line on the hourly chart.
The first major resistance is around $3,400, while the main resistance forms near $3,420 or the 61.8% Fib retracement level from the recent decline.
If Ethereum moves above the $3,420 resistance, it may advance toward the $3,500 resistance. A break above $3,500 could lead to further gains, potentially reaching the $3,600 or $3,620 zones.
Downsides Limited In ETH?
If Ethereum does not clear the $3,350 resistance, another decline may occur. Initial support is near the $3,320 level, with major support at $3,285.
A drop below $3,285 might push the price down to $3,220, and further losses could lead to a test of the $3,120 support level. The next key support is at $3,040.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is above the 50 zone.
Major Support Level: $3,300
Major Resistance Level: $3,350