ethereum price rose to a new multi-month high above $3,300. eth is consolidating while bitcoin is gaining pace above the $60,000 resistance.
- ethereum extended its rise above the $3,300 resistance zone.
- The price is trading above $3250 and the 100 hourly simple moving average.
- There is a connecting bullish trend line forming with support at $3,320 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could extend its rise towards $3,420 or even $3,500 in the near term.
ethereum Price Underperforms bitcoin
ethereum price started another steady rise from the $3,150 support zone. eth broke through the $3,220 and $3,250 resistance levels to move further into a positive zone.
However, bitcoin performed better and rebounded significantly above the $58,000 resistance. It rose more than 10% and even surpassed the $60,000 level. Ether also managed to surpass $3,300. A new multi-week high forms near $3,368 and the price is now consolidating gains.
It is trading above the 23.6% Fibonacci retracement level of the ascending wave from the low $3,206 to the high $3,368. There is also a connecting uptrend line forming with support at $3,320 in the eth/USD hourly chart.
ethereum is now trading above $3,250 and the 100 hourly simple moving average. The immediate resistance on the upside is near the $3,365 level. The first major resistance is near the $3,420 level. The next major resistance is near $3,450, above which the price could gain bullish momentum.
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Fountain: ETHUSD on TradingView.com
If there is a move above the $3,500 resistance, Ether could even rally towards the $3,650 resistance. Any additional winnings could require proof of $3,800.
Downward correction in eth?
If ethereum fails to overcome the $3,365 resistance, it could start a downward correction. Initial support on the downside is near the $3,320 level.
The first major support is near the $3,280 zone and the 61.8% Fibonacci retracement level of the ascending wave from the low of $3,206 to the high of $3,368. The next key support could be the $3,160. A clear move below the $3,160 support could send the price towards $3,120. Any further losses could send the price towards the $3,050 level.
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 level.
Major Support Level: $3265
Main Resistance Level: $3,365
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