Ethereum worth began a recent enhance above the $3,320 zone. ETH is rising and aiming for extra features above the $3,500 resistance.
- Ethereum began a recent enhance above the $3,300 and $3,320 ranges.
- The worth is buying and selling above $3,300 and the 100-hourly Simple Moving Average.
- There is a short-term bearish pattern line forming with resistance at $3,350 on the hourly chart of ETH/USD (information feed through Kraken).
- The pair might acquire bullish momentum if it clears the $3,420 resistance zone.
Ethereum Price Eyes More Gains
Ethereum worth remained supported above $3,120 and began a recent enhance like Bitcoin. ETH gained tempo for a transfer above the $3,220 and $3,300 resistance ranges.
The bulls pumped the value above the $3,400 degree. It gained over 10% and traded as excessive as $3,499. Recently, there was a draw back correction under $3,400. The worth dipped under $3,320 and examined $3,280. A low was fashioned at $3,288 and the value is now consolidating above the 23.6% Fib retracement degree of the latest decline from the $3,499 swing excessive to the $3,288 low.
Ethereum worth is now buying and selling above $3,300 and the 100-hourly Simple Moving Average. On the upside, the value appears to be going through hurdles close to the $3,350 degree. There can also be a short-term bearish pattern line forming with resistance at $3,350 on the hourly chart of ETH/USD.
The first main resistance is close to the $3,400 degree. The predominant resistance is now forming close to $3,420 or the 61.8% Fib retracement degree of the latest decline from the $3,499 swing excessive to the $3,288 low.
A transparent transfer above the $3,420 resistance may ship the value towards the $3,500 resistance. An upside break above the $3,500 resistance may name for extra features within the coming periods. In the acknowledged case, Ether might rise towards the $3,600 resistance zone and even $3,620.
Downsides Limited In ETH?
If Ethereum fails to clear the $3,350 resistance, it might begin one other decline. Initial assist on the draw back is close to the $3,320 degree. The first main assist sits close to the $3,285 zone.
A transparent transfer under the $3,285 assist may push the value towards $3,220. Any extra losses may ship the value towards the $3,120 assist degree within the close to time period. The subsequent key assist sits at $3,040.
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 zone.
Major Support Level – $3,300
Major Resistance Level – $3,350
