Ethereum price climbed to a new multi-month high above $3,200. ETH is consolidating while Bitcoin is gaining pace above the $55,000 resistance.
- Ethereum extended its increase above the $3,200 resistance zone.
- The price is trading above $3,175 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its increase toward $3,320 or even $3,450 in the near term.
Ethereum Price Underperforms Bitcoin
Ethereum price remained in a positive zone and extended its increase above the $3,050 resistance. ETH climbed above the $3,200 resistance, but upsides were contained after Bitcoin surged above $55,000.
Ether even spiked above $3,250. A new multi-week high is formed near $3,274 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $3,041 swing low to the $3,274 high.
There is also a key bullish trend line forming with support at $3,150 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the upward move from the $3,041 swing low to the $3,274 high.
Ethereum is now trading above $3,175 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $3,250 level. The first major resistance is near the $3,275 level. The next major resistance is near $3,320, above which the price might gain bullish momentum.
Source: ETHUSD on TradingView.com
If there is a move above the $3,400 resistance, Ether could even rally toward the $3,450 resistance. Any more gains might call for a test of $3,500.
Are Dips Limited In ETH?
If Ethereum fails to clear the $3,250 resistance, it could start a downside correction. Initial support on the downside is near the $3,200 level.
The first major support is near the $3,150 zone and the trend line, below which Ether might test $3,130. The next key support could be the $3,100 zone. A clear move below the $3,100 support might send the price toward $3,050 or the 100-hourly Simple Moving Average. Any more losses might send the price toward the $2,880 level.
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 level.
Major Support Level – $3,150
Major Resistance Level – $3,250
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.