ETH Price Analysis: Ethereum Gains Momentum Above $3,300 Resistance
Ethereum has seen a significant increase in price recently, breaking above the crucial $3,250 resistance level and even surpassing $3,300. This positive momentum indicates that ETH is likely to continue its upward trajectory in the near future.
Ethereum Price Movement
Ethereum is currently trading above $3,250 and the 100-hourly Simple Moving Average, showing a strong bullish trend. A connecting bullish trend line has formed with support at $3,270 on the hourly chart of ETH/USD, indicating further potential for upward movement. The pair could potentially rise above the $3,320 and $3,350 resistance levels in the coming sessions.
Ethereum Price Strengthens
Following a steady increase above the $3,150 resistance zone, Ethereum has continued to climb higher. The price surpassed $3,250 and then $3,300, entering a positive zone similar to Bitcoin. Currently, ETH is consolidating gains after testing the $3,250 resistance level and forming a high at $3,339. The bulls remain active above the 23.6% Fib retracement level, with ETH now trading above $3,280 and the 100-hourly Simple Moving Average.
Price Predictions and Support Levels
The next key resistance levels for Ethereum are near $3,340, $3,350, and $3,420. A close above $3,420 could propel the price towards $3,500. On the downside, initial support is at $3,270, followed by the $3,220 zone and the $3,150 support level. Failure to clear the $3,340 resistance might trigger a corrective wave with potential targets at $3,200 and $3,050.
Technical Indicators
Key technical indicators, such as the hourly MACD and RSI for ETH/USD, are signaling bullish momentum with the RSI above the 50 zone and the MACD gaining strength in the bullish zone. The major support level stands at $3,270, while the major resistance level is at $3,340.
Source : www.newsbtc.com