Ethereum price begins new rise above $3,250. ETH is currently consolidating gains and could target further gains if it clears the $3,380 resistance.
- Ethereum has started a new rally above the $3,200 and $3,250 levels.
- The price is trading above $3,200 and the 100 hourly simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a bullish trend line forming with support at $3,210.
- If the pair stabilizes above the $3,350 zone, the pair could continue moving higher.
Ethereum price rises more than 8%
Ethereum price managed to maintain above $3,000 and start a new rally, Bitcoin. ETH price regained momentum above the $3,120 and $3,250 resistance levels.
The bulls even pushed the price above $3,350. However, the bears were active below $3,400. The high was formed at $3,396 and the price is currently consolidating. There was a slight decline below the 23.6% Fib retracement level. rising wave Swing low of $3,094 to low of $3,396.
Ethereum price is currently trading above $3,200 and its 100 hourly simple moving average. On the hourly chart of ETH/USD, a bullish trend line has also formed with support at $3,210.
If there is further upside, the price could face resistance near the $3,320 level. The next major resistance level is near the $3,350 level. The first major resistance level is near the $3,380 level. A clear break above the $3,380 resistance could send the price heading towards the $3,420 resistance. A break above the $3,420 area could lead to further gains in the coming days. In the above case, Ether could rise towards the $3,500 resistance zone and even $3,550 in the short term.
ETH pullback?
If Ethereum fails to break through the $3,380 resistance level, a fresh decline could begin. Initial support on the downside is near the $3,250 level and the 50% Fib retracement level of the upwave from the swing low of $3,094 to the low of $3,396. The first major support is located near the $3,210 zone.
A clear move below the $3,210 support could push the price towards the $3,150 support. Any further losses could send the price towards the $3,050 area. The next major support is $3,000.
technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Major Support Level – $3,210
Major Resistance Level – $3,380
