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Ethereum price started a further increase above the $3,220 area. ETH is rising and eyeing further gains above the $3,350 resistance.
- Ethereum began a further increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100 hourly simple moving average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could gain bullish momentum if it breaches the $3,385 resistance zone.
Ethereum price regains ground
Ethereum price remained supported above $3,000 and started a new rise like Bitcoin. ETH accelerated to break above the $3,150 and $3,220 resistance levels.
The bulls pushed the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fibonacci retracement level of the recent move from the $3,036 low to $3,387 high.
Ethereum price is now trading above $3,220 and the 100 hourly simple moving average. On the upside, the price seems to face obstacles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the ETH/USD hourly chart.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A sharp move above the $3,420 resistance could send the price towards the $3,550 resistance. A bullish break above the $3,550 resistance could lead to more gains in the coming sessions. In the indicated case, Ether could reach the resistance zone of $3,650 or even $3,880.
Another drop in ETH?
If Ethereum fails to breach the $3,350 resistance, it could begin a further decline. Initial downside support is near the $3,300 level. The first major support lies near the $3,250 area.
A sharp move below the $3,250 support could push the price towards $3,220 or the 50% Fibonacci retracement level of the recent move from the $3,036 low to $3,387 high. Any further losses could push the price towards the $3,150 support level in the near term. The next key support lies at $3,050.
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 – $3,250
Major Resistance Level – $3,385
