Ethereum extended its upward move above the $3,300 resistance against the US Dollar. ETH price is showing positive signs and it may even surpass $3,400.
Ethereum started a fresh increase above the $3,250 and $3,300 resistance levels.
The price is now trading above $3,250 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $3,240 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate higher if there is a clear break above $3,350.
Ethereum Price Breaks Key Resistance
Ethereum remained well bid above the $3,000 support zone, similar to bitcoin near $45,000. ETH price formed a base above $3,050 and it started a fresh increase.
There was a clear break above the $3,200 and $3,250 resistance levels. Besides, there was a break above a key bearish trend line with resistance near $3,240 on the hourly chart of ETH/USD. The pair is now trading above $3,250 and the 100 hourly simple moving average.
It traded above $3,300 and it is testing the 1.236 Fib extension level of the drop from the $3,312 swing high to $3,131 swing low. On the upside, an initial resistance is near the $3,355 level.
Source: ETHUSD on TradingView.com
A clear break above $3,355 might call for more gains. The first key resistance is now forming near the $3,260 level. It is close to the 1.618 Fib extension level of the drop from the $3,312 swing high to $3,131 swing low. Any more gains may possibly call for a move towards the $3,500 level.
Dips Limited in ETH?
If ethereum fails to continue higher above the $3,355 and $3,360 resistance levels, it could start a fresh downside correction. An immediate support on the downside is near the $3,300 level.
The key support is now forming near the $3,250 zone and the broken trend line. A downside break below the $3,250 support zone could push the price towards the 100 hourly simple moving average. The next major support could be $3,200, below which the bears might aim a retest of $3,120 in the near term.
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 60 level.
Major Support Level – $3,250
Major Resistance Level – $3,420
I’m a highly experienced and successful crypto author with over 10 years of experience in the industry. I have written for some of the biggest names in the space, and my work has been featured in major publications such as Bloomberg, Forbes, and The Wall Street Journal. I am a sought-after speaker and commentator on all things crypto, and my work is widely respected by my peers. If you’re looking for someone who can provide insights and analysis on the latest developments in the world of cryptocurrencies, you can contact me.