Ethereum Price Powers Ahead with a 10% Surge: More to Come?
Ethereum price remains supported above the $3,250 area. ETH started a fresh rise and broke above the $3,550 resistance zone.
- Ethereum started a fresh rise from the $3,250 support area.
- The price is trading above $3,500 and the 100 hourly simple moving average.
- There was a break above the connecting bearish trend line with resistance at $3,375 on the hourly chart of ETH/USD (data via Kraken).
- The pair is up nearly 10% and is now consolidating gains near the $3,650 area.
Ethereum price begins a new surge
Ethereum price holds support above $3,250 and starts a new round of gains Bitcoin. ETH broke above the $3,350 and $3,400 resistance levels.
There was a break above the connecting bearish trend line with resistance at $3,375 on the hourly chart of ETH/USD. The bulls pushed the price above the $3,500 and $3,550 resistance levels. It is up nearly 10%, trading as high as $3,688.
The price is currently adjusting to gains below $3,650. Ethereum price is currently trading above $3,550, 100 hour simple moving average. It is also above the 23.6% Fib retracement level of the upward move from the $3,254 swing low to $3,688 high.
On the bright side, the price seems to be facing a hurdle near the $3,650 level. The first major resistance level is near $3,685. Major resistance is currently forming near $3,720.
A clear break above the $3,720 resistance may push the price towards the $3,840 resistance. An upside break above the $3,840 resistance may bring more gains in the coming sessions. In the above scenario, Ethereum could rise towards the $3,950 resistance zone or even $4,000.
What are the disadvantages of ETH?
If Ethereum fails to break the $3,685 resistance, it may start another decline. Initial support on the downside is near $3,585. The first major support is located near the $3,550 area.
A clear break below the $3,550 support could push the price towards the 50% Fib retracement of the upward move from the $3,254 swing low to $3,688 high at $3,470. Any further losses could push the price towards the $3,350 support in the near term. The next key support is located at $3,250.
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 – $3,485
Major Resistance – $3,685
