Ethereum price started a fresh increase above the $3,120 resistance. ETH is showing positive signs but struggling to catch up Bitcoin’s momentum.
- Ethereum started a fresh increase above the $3,000 resistance zone.
- The price is trading above $3,120 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $3,230 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $3,350 resistance.
Ethereum Price Eyes Steady Increase
Ethereum price started a fresh increase above the $2,880 resistance like Bitcoin. ETH was able to climb above the $3,000 and $3,120 resistance levels to move further into a positive zone.
It even surged above the $3,250 level in the past few sessions. It is up over 5% and there was a move above $3,350. A high is formed at $3,390 before there was a minor pullback. There was a move below the 23.6% Fib retracement level of the upward wave from the $3,080 swing low to the $3,390 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,230 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the upward wave from the $3,080 swing low to the $3,390 high.
On the upside, the price seems to be facing hurdles near the $3,350 level. The first major resistance is near the $3,390 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance.
An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,680 resistance zone.
Are Dips Limited In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start a downside correction. Initial support on the downside is near the $3,280 level. The first major support sits near the $3,250 zone and the trend line.
A clear move below the $3,250 support might push the price toward $3,150. Any more losses might send the price toward the $3,080 support level in the near term. The next key support sits at $3,000.
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 – $3,250
Major Resistance Level – $3,350
Source: NewsBTC.com
