Ethereum gained speed above the $3,250 level against the US Dollar. The ETH price has corrected gains since $3,400 but may dip in the short term.
- Ethereum saw a sharp increase in price above the $3250 resistance zone.
- The daily simple moving average is 100 hours and the price trades above $3,250
- A major bullish trendline is emerging with support at $3,300 (data feed via Kraken).
- If the pair breaks above $3,380 resistance level, it could keep rising.
Ethereum prices gain momentum
Ethereum experienced a significant increase in price above the $3250 resistance zone. ETH has even broken the $3.300 resistance zone, and also the 100 hourly simple movement average (100hr) to further move into a positive area.
Bulls even lifted the price to $3,350. The price of Ether soared to the top at $3,400 and reached a weekly record close to $3,412. Now, it is trading at $3,360 and correcting losses. The Fib retracement level at 23.6% of the upward movement from $3,206 low to $3.412 high was broken below.
The Ether price has risen to $3,250 above the simple moving average of 100 hours. On the hourly chart for ETH/USD, there is a bullish trend line that forms with support at $3,300. The immediate resistance at the level of $3,380 is on the upside.
Source: TradingView.com ETHUSD
In the short term, a clear move above $3,380 could trigger another rise. Next is the $3420 level. If it breaks that mark, then price can test $3,000. In the short term, any further gains may push the price to the $3550 mark.
Dips Limited to ETH
If ethereum does not start an increase above $3,380, then it may start a downtrend. Near the $3,320 mark is the first support. Near the $3,320 level is now the first support.
Near the 50% Fib level is the current upward move of $3,206 from low at $3,412 to high at $3,412. The trend line support will be reached if the price falls below $3,300. Price loss above $3,300 could cause it to drop further towards the trend line support of $3,200.
Technical Indicators
Minutely MACD – In the bullish zone, the MACD is gradually losing speed for ETH/USD.
Hourly RSI – The RSI is higher than 50 for USD/ETH.
Major Support Level – $3,300
Major Resistance Level – $3,380
