ethereum price started a major surge above the $3250 resistance zone. eth even surpassed $3300 and is targeting further upside in the near term.
- ethereum is gaining momentum above the $3,250 level.
- The price is trading above $3,250 and the 100 hourly simple moving average.
- There is a connecting bullish trend line forming with support at $3,270 on the hourly chart of eth/USD (data feed from Kraken).
- The pair could continue to rise above the $3,320 and $3,350 resistance levels.
ethereum price regains strength
ethereum price started a steady rise above the $3,150 resistance zone. eth even surpassed the $3,250 resistance to move into a positive zone. Finally, there was a move above the $3,300 resistance, like bitcoin.
It tested the $3,250 resistance zone. A high was formed at $3,339 and the price is now consolidating gains. The bulls seem to be active well above the 23.6% Fibonacci retracement level of the upward move from the $3,084 low to $3,339 high.
ethereum is now trading above the $3,280 level and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $3,270 on the hourly chart of eth/USD.
On the upside, the price is facing resistance near the $3,340 level. The first major resistance is near the $3,350 level. The next major hurdle is near the $3,420 level. A close above the $3,420 level could send Ether towards the $3,500 resistance.
The next key resistance is near the $3,550 level. An upside break above the $3,550 resistance could send the price higher towards the $3,650 resistance zone in the coming days.
Is there support for dips in eth?
If ethereum fails to clear the $3,340 resistance, it could start a downside correction. The initial support on the downside lies near $3,270 and the trend line. The first major support lies near the $3,220 zone.
A clear move below the $3220 support could propel the price towards $3200 or the 50% Fib retracement level of the upward move from the $3084 low to $3339 high. Any more losses could send the price towards the $3150 support level in the near term. The next key support lies at $3050.
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: $3270
Major Resistance Level: $3,340
(tags to translate)ethbtc
