ethereum price rose to a new multi-month high above $3,500. eth is correcting gains like bitcoin and could find strong bids near the $3,250 zone.
- ethereum extended its rise above the $3,500 resistance zone.
- The price is trading above $3,300 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support at $3,260 on the hourly chart of eth/USD (data via Kraken).
- The pair could correct lower but declines could be limited below the $3,260 support zone.
ethereum price foresees a new increase
ethereum price gained pace after breaking the $3,200 resistance zone, like bitcoin. eth cleared many hurdles near the $3,320 and $3,400 levels. Finally, it surpassed the $3,500 level.
A new multi-month high formed near $3,515 before a downward correction occurred. The price fell below the $3,420 and $3,400 levels. It even tested the 50% Fibonacci retracement level of the ascending wave from the low of $3,110 to the high of $3,515.
ethereum is now trading above $3,300 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support at $3,260 on the hourly chart of eth/USD. The trend line is near the 61.8% Fibonacci retracement level of the ascending wave from the low of $3,110 to the high of $3,515.
The immediate resistance on the upside is near the $3,420 level. The first major resistance is near the $3,450 level. The next major resistance is near $3500, 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 $3,620 resistance. Any additional winnings could require proof of $3,800.
Are drops in eth supported?
If ethereum fails to overcome the $3,420 resistance, it could start a downward correction. Initial support on the downside is near the $3,310 level.
The first major support is near the $3,260 area or the trend line. The next key support could be the $3,250 zone. A clear move below the $3,250 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 losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $3260
Main Resistance Level: $3,420
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