Ethereum price gained momentum and surged above the crucial $3,350 resistance level. The ETH bulls pushed the price to test the $3,500 mark, indicating further upside potential in the near future.
Currently, Ethereum is demonstrating strength as it holds above $3,350 and the 100-hourly Simple Moving Average. There is a significant bullish trend line forming with support at $3,320 on the hourly chart of ETH/USD, sourced via Kraken. The path seems clear for the pair to extend gains beyond the resistance levels at $3,500 and $3,550.
Ethereum Price Climbs 10%, Bulls In Action
The recent surge in Ethereum price saw a notable uptick above the $3,250 resistance zone. ETH broke through the $3,350 resistance and continued its positive momentum with a move past the $3,440 level, mirroring Bitcoin’s uptrend.
Touching the $3,500 resistance zone, Ethereum recorded a high of $3,497 before entering a consolidation phase. The bulls are actively defending levels above the 23.6% Fibonacci retracement level of the upward swing from the $3,085 low to the $3,497 high.
Currently trading above $3,400 and the 100-hourly Simple Moving Average, Ethereum remains in a favorable position. The key bullish trend line at $3,320 on the hourly chart of ETH/USD reinforces the bullish sentiment.
Looking ahead, Ethereum faces resistance near the $3,480 level, with the primary hurdle at $3,500 followed by $3,550. A successful close above $3,550 could propel Ether towards the $3,650 resistance level.
The next significant resistance levels to note are $3,720 and $3,880. A breakout above $3,720 could pave the way for Ethereum to target the $3,880 resistance area in the coming days.
Are Dips Limited In ETH?
In case Ethereum struggles to surpass the $3,500 resistance, a downside correction might be initiated. Initial support is seen at $3,400, followed by a major support zone at $3,320 and the established bullish trend line.
A clear breach below the $3,320 support could push the price towards $3,270 or the 50% Fibonacci retracement level of the upward movement from the $3,085 low to the $3,497 high. Further losses may direct Ethereum towards the $3,220 support level, with the subsequent key support at $3,150.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is showing signs of losing momentum in the bullish region.
Hourly RSI – The RSI for ETH/USD is currently above the 50 mark, indicating positive momentum.
Major Support Level – $3,320
Major Resistance Level – $3,500
Conclusion: Looking Towards the Future of Ethereum
Ethereum’s recent price surge above key resistance levels showcases the strength and resilience of the cryptocurrency in the current market environment. With further upside potential in sight, the ETH bulls are actively defending support levels and pushing for new highs.
As the crypto market continues to evolve and adapt, Ethereum remains a pivotal player with its innovative blockchain technology and widespread adoption across various sectors. The ongoing developments in the Ethereum ecosystem, including the transition to Ethereum 2.0, are likely to drive further growth and price appreciation for the digital asset.
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