Ethereum worth climbed to a brand new multi-month excessive above $3,200. ETH is consolidating whereas Bitcoin is gaining tempo above the $55,000 resistance.
- Ethereum prolonged its enhance above the $3,200 resistance zone.
- The worth is buying and selling above $3,175 and the 100-hourly Simple Moving Average.
- There is a key bullish pattern line forming with help at $3,150 on the hourly chart of ETH/USD (information feed through Kraken).
- The pair might lengthen its enhance towards $3,320 and even $3,450 within the close to time period.
Ethereum Price Underperforms Bitcoin
Ethereum worth remained in a positive zone and prolonged its enhance above the $3,050 resistance. ETH climbed above the $3,200 resistance, however upsides have been contained after Bitcoin surged above $55,000.
Ether even spiked above $3,250. A brand new multi-week excessive is shaped close to $3,274 and the worth is now consolidating features. It is buying and selling above the 23.6% Fib retracement stage of the upward transfer from the $3,041 swing low to the $3,274 excessive.
There can be a key bullish pattern line forming with help at $3,150 on the hourly chart of ETH/USD. The pattern line is near the 61.8% Fib retracement stage of the upward transfer from the $3,041 swing low to the $3,274 excessive.
Ethereum is now buying and selling above $3,175 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is close to the $3,250 stage. The first main resistance is close to the $3,275 stage. The subsequent main resistance is close to $3,320, above which the worth would possibly achieve bullish momentum.
Source: ETHUSD on TradingView.com
If there’s a transfer above the $3,400 resistance, Ether might even rally towards the $3,450 resistance. Any extra features would possibly name for a take a look at of $3,500.
Are Dips Limited In ETH?
If Ethereum fails to clear the $3,250 resistance, it might begin a draw back correction. Initial help on the draw back is close to the $3,200 stage.
The first main help is close to the $3,150 zone and the pattern line, under which Ether would possibly take a look at $3,130. The subsequent key help may very well be the $3,100 zone. A transparent transfer under the $3,100 help would possibly ship the worth towards $3,050 or the 100-hourly Simple Moving Average. Any extra losses would possibly ship the worth towards the $2,880 stage.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum within the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 stage.
Major Support Level – $3,150
Major Resistance Level – $3,250
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