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ethereum price started a fresh rise above the $3,320 zone. eth is rising and targeting further gains above the $3,500 resistance.
- ethereum started a new 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 via Kraken).
- The pair could gain bullish momentum if it breaks the $3,420 resistance zone.
ethereum Price Sees More Gains
ethereum price remained above $3,120 and started a new rise like bitcoin. eth gained pace to break above the $3,220 and $3,300 resistance levels.
The bulls lifted the price above the $3,400 level. It gained more than 10% and traded up to $3,499. Recently, there was a downward correction below $3,400. The price fell below $3,320 and tested $3,280. A low was formed at $3,288 and the price is now consolidating above the 23.6% Fib retracement level of the recent drop from the high of $3,499 to the low of $3,288.
ethereum price is now trading above $3,300 and the 100 hourly simple moving average. On the upside, the price seems to face obstacles near the $3,350 level. There is also a short-term bearish trend line forming with resistance at $3,350 on the hourly chart of eth/USD.
The first major resistance is near the $3,400 level. The main resistance is now forming near $3,420 or the 61.8% Fib retracement level of the recent drop from the high of $3,499 to the low of $3,288.
A clear move above the $3,420 resistance could send the price towards the $3,500 resistance. A bullish break above the $3,500 resistance could require more gains in the coming sessions. In the given case, Ether could rise towards the resistance zone of $3,600 or even $3,620.
Limited disadvantages in eth?
If ethereum fails to overcome the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,320 level. The first major support lies near the $3,285 area.
A clear move below the $3,285 support could push the price towards $3,220. Any further losses could send the price towards the $3,120 support level in the near term. The next key support lies at $3,040.
Technical Indicators
MACD hourly – 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.
Main Support Level: $3300
Main Resistance Level: $3,350
