Ethereum’s price is rising above the $3350 resistance level against the US dollar. The Ethereum price may continue rising and could even exceed the $3,000.500 level.
- Ethereum continues to rise steadily, trading at or above $3,350.
- The price traded above $3350, and the 100 hourly simple moving mean is at $13,350.
- A key triangle of contracting formation is visible with resistance close to $3,400 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- A clear of the resistance levels at $3,400/$3,420 could allow for another rise.
Ethereum Price Targets 3,500
Ethereum established a base just above the $3120 support zone. ETH continued to grow and cleared $3,250 resistance.
The price also moved above $3,350 and settled above the simple 100-hour moving average. The price traded at a multi-week high of $3,431 and is consolidating its gains. The $3,400 mark was the only minor movement.
Below the 23.6% Fib level, Ether prices fell from its recent high of $3,130 to $3.431. Surprisingly, the initial resistance level is at the $3,400 mark.
On the hourly chart of USD/ETH, there is a contracting triangle that forms with resistance close to $3,000. Next is resistance at the $3,000. The Ether price may surge again if it moves higher than the $3,420 resistance.
Source: TradingView.com ETHUSD
The price could rise to the $3,000.500 mark if it closes above $3,420. If there are more gains, the price could move to the $3650 resistance level in the following sessions.
What Dips are Supported by ETH?
If the $3,400 mark is not reached, ethereum could begin a downward correction. The $3,360 level is the first support for the downside. Next is the $3,000. This is just below the 50% Fib Retracement level for the recent increase from the $3.130 swing low to the $3.431 high.
There is a main support at the $3,250 area and an adjacent bullish trendline. The bulls could feel a lot more pressure if they fall below the $3250 support zone. If this happens, then the price may drop to $3,000.
Technical Indicators
Hourly MACD – In the bullish zone, the MACD for USD/ETH is now growing at a rapid pace.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $3,250
Major Resistance Level – $3,400
