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Ethereum price started a new increase above the $3,220 area. ETH is rising and aims for further gains above the $3,350 resistance level.
- Ethereum started a new surge above the $3,220 and $3,300 levels.
- The price is trading above the $3,250 level and the 100 hourly simple moving average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain upward momentum if it crosses the $3,385 resistance area.
Ethereum price is regaining momentum
Ethereum price remained supported above $3,000 and started a new increase like Bitcoin. ETH gained pace moving above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It rose more than 10% and traded as high as $3,387. It is now consolidating its gains above the 23.6% Fibonacci retracement level of the recent move from the low of $3,036 to the high of $3,387.
Ethereum price is now trading above $3,220 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 contracting triangle forming with resistance at $3,360 on the hourly chart of the ETH/USD pair.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance could send the price towards the $3,550 resistance. A bullish break above the $3,550 resistance may require further gains in the coming sessions. In the mentioned case, the price of ether could rise towards the resistance area of $3,650 or even $3,880.
Another drop 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 $3,300 level. The first major support is near the $3,250 area.
A clear 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 swing low to the $3,387 swing high. Any further losses could send the price towards the $3,150 support level in the near term. The next major support is at $3,050.
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.
Key Support Level – $3,250
Major resistance level – $3,385