Ethereum
Ethereum Jumps 5%, Breaks $3,300: Bulls Dominate Market
Ethereum price has started a major increase above the $3,250 resistance zone. ETH has even broken above $3,300 and is targeting further gains in the near term.
- Ethereum gains momentum above the $3,250 level.
- Price is trading above $3,250 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $3,270 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise above the resistance levels of $3,320 and $3,350.
Ethereum price regains strength
Ethereum price started a steady increase above the $3,150 resistance zone. ETH even climbed above the $3,250 resistance to move into a positive zone. Finally, there was a move above the $3,300 resistance, as Bitcoin.
The price tested the $3,250 resistance zone. A high was formed at $3,339 and the price is now consolidating gains. The bulls appear to be active well above the 23.6% Fibonacci retracement level of the upward move from the $3,084 swing low to $3,339 high.
Ethereum is now trading above $3,280 and the 100-hour simple moving averageThere is also a connected bullish trend line forming with support at $3,270 on the hourly chart of ETH/USD.
On the upside, the price is facing resistance near the $3,340 level. The first major resistance lies near the $3,350 level. The next major hurdle lies near the $3,420 level. A close above the $3,420 level could send Ether towards the $3,500 resistance.
The next key resistance lies near $3,550. An upside break above the $3,550 resistance could push the price towards the $3,650 resistance zone in the coming days.
Are dips supported in ETH?
If Ethereum fails to break the $3,340 resistance, it could start a downside correction. The initial support on the downside is near $3,270 and the trend line. The first major support is near the $3,220 area.
A clear move below the $3,220 support could push the price towards $3,200 or the 50% Fibonacci retracement level of the upward move from the $3,084 low to $3,339 high. Any further losses could send 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 – $3,270
Major Resistance Level – $3,340