Ethereum Price Poised for Gains: $3,600 Within Reach?
Ethereum price started a new uptrend, breaking above the $3,320 area. ETH is rising and targeting a break above the $3,500 resistance.
- Ethereum started a new leg of gains, breaking 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 via Kraken).
- The pair is likely to gain bullish momentum if it breaks above the $3,420 resistance zone.
Ethereum price expected to rise
Ethereum price remains above $3,120 and begins a new round of gains Bitcoin. ETH accelerated above the $3,220 and $3,300 resistance levels.
Bulls pushed the price above $3,400. it Increased by more than 10% The deal price is a whopping $3,499. There was a recent downward correction, falling below $3,400. The price fell below $3,320 and tested $3,280. A low was formed at $3,288, and the price is currently consolidating above the 23.6% Fibonacci retracement level of the recent swing high from $3,499 to $3,288 low.
Ethereum price is currently trading above $3,300 and the 100 hourly simple moving average. On the bright side, the price seems to be facing a hurdle 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 ETH/USD.
The first major resistance level is near $3,400. Major resistance is currently forming near $3,420, the 61.8% Fibonacci retracement level of the recent swing high of $3,499 to low of $3,288.
A clear break above the $3,420 resistance could push the price towards the $3,500 resistance. An upside break above the $3,500 resistance could bring more gains in the coming sessions. In the above scenario, Ethereum could rise towards the $3,600 resistance zone or even $3,620.
Is ETH’s downside limited?
If Ethereum fails to break the $3,350 resistance, it may start another decline. Initial support on the downside is near $3,320. The first major support is located near the $3,285 area.
A clear break below the $3,285 support could push the price towards $3,220. If there is further decline, the price may move towards the $3,120 support in the near term. The next key support is located at $3,040.
Technical indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
hourly relative strength index – The RSI for ETH/USD is currently above the 50 area.
Major Support Level – $3,300
Major Resistance – $3,350
