Ethereum Leaps 5%, Crosses $3,300: Bulls Command The Market

Ethereum price started a major increase above the $3,250 resistance zone. ETH even surpassed $3,300 and aims for more upsides in the near term.

• Ethereum is gaining pace above the $3,250 level.
• The price is trading above $3,250 and the 100-hourly Simple Moving Average.
• There is a connecting 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 $3,320 and $3,350 resistance levels.

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, like Bitcoin.

It tested the $3,250 resistance zone. A high was formed at $3,339 and the price is now consolidating gains. The bulls seem to be active well above the 23.6% Fib retracement level of the upward move from the $3,084 swing low to the $3,339 high.

Ethereum is now trading above $3,280 and the 100-hourly Simple Moving Average. There is also a connecting 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 is near the $3,350 level. The next major hurdle is near the $3,420 level. A close above the $3,420 level might send Ether toward the $3,500 resistance.

The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher toward the $3,650 resistance zone in the coming days.

Are Dips Supported In ETH?

If Ethereum fails to clear the $3,340 resistance, it could start a downside correction. Initial support on the downside is near $3,270 and the trend line. The first major support sits near the $3,220 zone.

A clear move below the $3,220 support might push the price toward $3,200 or the 50% Fib retracement level of the upward move from the $3,084 swing low to the $3,339 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits 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

Source