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Ethereum price started a new increase above the $3,320 area. ETH is rising and aims for further gains above the $3,500 resistance level.
- Ethereum started a new surge above the $3,300 and $3,320 levels.
- The price is trading above $3,300 and the 100 hourly simple moving average.
- There is a short-term bearish trend line forming with resistance at $3,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain upward momentum if it crosses the $3,420 resistance area.
Ethereum price looks forward to further gains
Ethereum price remained supported above $3,120 and started a new increase like Bitcoin. ETH gained speed moving above the $3,220 and $3,300 resistance levels.
The bulls pumped the price above the $3,400 level. It rose more than 10% and was trading as high as $3,499. Recently, there was a bearish correction below $3,400. The price fell below $3,320 and tested $3,280. A bottom has been formed at $3,288 and the price is now consolidating above the 23.6% Fib retracement level of the recent decline from the $3,499 swing high to the $3,288 low.
Ethereum price is now trading above $3,300 and the 100 hourly simple moving average. On the upside, the price appears to be facing hurdles near the $3,350 level. There is also a short-term bearish trend line forming with resistance at $3,350 on the hourly chart of the ETH/USD pair.
The first major resistance is near the $3,400 level. The main resistance is now forming near $3,420 or the 61.8% Fib retracement level of the recent decline from the high of $3,499 to the low of $3,288.
A clear move above the $3,420 resistance could send the price towards the $3,500 resistance. A bullish break above the $3,500 resistance may require further gains in the coming sessions. In the mentioned case, the price of ether could rise towards the resistance area of $3,600 or even $3,620.
Limited downsides in ETH?
If Ethereum fails to break above the $3,350 resistance level, it could start another decline. Initial support on the downside is near the $3,320 level. The first major support is near the $3,285 area.
A clear move below the $3,285 support could push the price towards $3,220. Any further losses could send the price towards the $3,120 support level in the near term. The next major support is at $3,040.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Major support level – $3,300
Major resistance level – $3,350