Ethereum Smashes Resistance—Bitcoin Left Behind as Momentum Flips Bullish

[Ben Graham]

Ethereum price started a fresh increase above $3,250. ETH is now consolidating gains and might aim for more gains if it clears the $3,380 resistance.

• Ethereum started a fresh increase above the $3,200 and $3,250 levels.
• The price is trading above $3,200 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $3,210 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it settles above the $3,350 zone.

Ethereum Price Rallies Over 8%

Ethereum price managed to stay above $3,000 and started a fresh increase, beating Bitcoin. ETH price gained strength for a move above the $3,120 and $3,250 resistance levels.

The bulls even pushed the price above $3,350. However, the bears were active below $3,400. A high was formed at $3,396 and the price is now consolidating. There was a minor drop below the 23.6% Fib retracement level of the upward wave from the $3,094 swing low to the $3,396 low.

Ethereum price is now trading above $3,200 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $3,210 on the hourly chart of ETH/USD.

If there is another upward move, the price could face resistance near the $3,320 level. The next key resistance is near the $3,350 level. The first major resistance is near the $3,380 level. A clear move above the $3,380 resistance might send the price toward the $3,420 resistance. An upside break above the $3,420 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,500 resistance zone or even $3,550 in the near term.

Pullback In ETH?

If Ethereum fails to clear the $3,380 resistance, it could start a fresh decline. Initial support on the downside is near the $3,250 level and the 50% Fib retracement level of the upward wave from the $3,094 swing low to the $3,396 low. The first major support sits near the $3,210 zone.

A clear move below the $3,210 support might push the price toward the $3,150 support. Any more losses might send the price toward the $3,050 region. The next key support sits at $3,000.

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 – $3,210

Major Resistance Level – $3,380