Rallies 10% and Targets More Upside
Ethereum price started a new round of gains, breaking above the $3,220 area. ETH is rising and targeting a break above the $3,350 resistance.
- Ethereum started a new leg of gains, breaking above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100 hourly simple moving average.
- A short-term contracting triangle has formed with resistance at $3,360 on the hourly chart of ETH/USD (data via Kraken).
- The pair may gain bullish momentum if it breaks the $3,385 resistance zone.
Ethereum price regains appeal
Ethereum price remains above $3,000 and begins a new round of gains Bitcoin. ETH accelerated above the $3,150 and $3,220 resistance levels.
Bulls pushed the price above $3,300. It gained more than 10% and traded as high as $3,387. It is currently consolidating above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to $3,387 high.
Ethereum price is currently trading above $3,220, 100 hour simple moving average. On the bright side, the price seems to be facing a hurdle near $3,350. A short-term contracting triangle has also formed on the hourly chart of ETH/USD with resistance at $3,360.
The first major resistance level is near $3,385. Major resistance is currently forming near $3,420. A clear break above the $3,420 resistance may push the price towards the $3,550 resistance. An upside break above the $3,550 resistance may bring more gains in the coming sessions. In the above scenario, Ethereum could rise towards the $3,650 resistance zone or even $3,880.
ETH falling again?
If Ethereum fails to break the $3,350 resistance, it may start another decline. Initial support on the downside is near $3,300. The first major support is located near the $3,250 area.
A clear break below the $3,250 support could push the price towards $3,220 or the 50% Fibonacci retracement level of the recent swing low from $3,036 to $3,387 high. Any further losses may push the price towards the $3,150 support in the near term. The next key support is located at $3,050.
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 – $3,250
Major Resistance – $3,385
