Ethereum Price Continues to Surge
ETH has been gaining momentum, surpassing key resistance levels and showing bullish signs. The price is currently above $3,250 and the 100-hourly Simple Moving Average. A bullish trend line is forming with support at $3,270 on the hourly chart of ETH/USD, indicating a positive trend.
- ETH price has increased steadily above $3,150 and $3,250 resistance levels.
- A new high was formed at $3,339, and the price is now consolidating gains.
- Bulls are remaining active above the 23.6% Fib retracement level from the recent swing low to high.
Upward Momentum for Ethereum
The Ethereum price has seen a notable uptrend, breaking through crucial resistance levels and entering a positive zone. It even surpassed the $3,300 barrier, following in the footsteps of Bitcoin’s recent rally.
Currently, Ethereum is trading above $3,280 and the 100-hourly Simple Moving Average, signaling a strong presence of buyers in the market. Moreover, a bullish trend line is forming with support at $3,270 on the hourly ETH/USD chart. The price is now facing resistance near the $3,340 level, with further hurdles at $3,350 and $3,420.
If Ethereum fails to break the $3,340 resistance, a downside correction may occur with initial support at $3,270. The major support zone lies around $3,220, followed by potential declines towards $3,200 or the 50% Fib retracement level. Further losses could lead to a test of the $3,150 support level, with a key support at $3,050.
Technical Indicators and Price Levels
- Hourly MACD – The MACD for ETH/USD is showing increasing bullish momentum.
- Hourly RSI – The RSI for ETH/USD is now above the 50 mark, indicating a positive trend.
Hot Take: Ethereum Poised for Further Gains
Ethereum’s price surge above key resistance levels highlights a bullish momentum in the market. With strong support levels and positive technical indicators, ETH may continue to rise towards higher resistance levels in the near term. Keep an eye on the $3,340 and $3,350 levels for potential breakouts, which could pave the way for a push towards $3,500 and beyond. Stay informed and watch for market developments to make informed decisions on your ETH positions.
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