Ethereum price has started a significant rise above the $3250 resistance zone. ETH has even surpassed $3300 and is set for further growth in the near term.
- Ethereum gains momentum, surpassing the $3,250 mark.
- The price is trading above $3,250 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed from Kraken) shows a connecting bullish trend line forming with support at $3,270.
- The pair may continue to rise above the resistance levels of $3320 and $3350.
Ethereum Price Recovers
Ethereum price started a steady rise above the $3150 resistance zone. ETH even rose above the $3250 resistance to move into the positive zone. Finally, there was a move above the $3300 resistance, just like Bitcoin.
It tested the $3,250 resistance zone. The high was formed at $3,339 and the price is now consolidating the gains. Bulls seem to be active well above the 23.6% Fibonacci retracement level of the upward move from the $3,084 swing low to the $3,339 high.
Ethereum is currently trading above $3,280 and the 100-hour simple moving average. There is also a connecting bullish trendline forming with support at $3,270 on the hourly ETH/USD chart.
On the downside, the price is facing resistance near $3,340. The first major resistance is near $3,350. The next major hurdle is near $3,420. A close above $3,420 could send Ether towards the $3,500 resistance.
The next key resistance is around $3550. A break above the $3550 resistance could send the price higher towards the $3650 resistance zone in the coming days.
Are dips supported in ETH?
If Ethereum fails to break the $3,340 resistance, it may start a downward correction. The initial support on the downside is around $3,270 and the trend line. The first major support is around the $3,220 zone.
A clear move below the $3,220 support could push the price towards $3,200 or the 50% Fibonacci retracement level of the uptrend from the $3,084 swing low to $3,339 high. Any further losses could send the price towards the $3,150 support level in the near term. The next key support is at $3,050.
Technical indicators
Hourly MACD – MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
The main support level is $3270.
Main resistance level is $3340
