Ethereum extended its upward move above the USD 3,300 resistance against the US dollar. ETH price is showing positive signs and could even exceed $ 3,400.
- Ethereum began another spike above the $ 3,250 and $ 3,300 resistance levels.
- The price is now trading above $ 3,250 and the 100-hour simple moving average.
- The ETH / USD hourly chart (data feed via Kraken) broke through a major bearish trendline with resistance near USD 3,240.
- The pair could accelerate higher if there is a clear break above $ 3,350.
Ethereum price breaks important resistance
Ethereum remained bid well above the $ 3,000 support zone, much like Bitcoin near $ 45,000. The ETH price formed a basis above $ 3,050 and began to rise again.
There was a definite break above the $ 3,200 and $ 3,250 resistance levels. Also, the ETH / USD hourly chart broke through a major bearish trendline with resistance near $ 3,240. The pair is now trading above $ 3,250 and the 100-hour simple moving average.
It was trading above $ 3,300 and is testing the 1,236 Fib extension level of the decline from the $ 3,312 swing high to the $ 3,131 swing low. On the flip side, initial resistance is near the $ 3,355 level.
Source: ETHUSD on TradingView.com
A significant break above $ 3,355 could require further gains. The first major resistance is now forming near $ 3,260. It is near the 1.618 Fib extension level of the decline from the $ 3,312 swing high to the $ 3,131 swing low. Further gains could potentially require a move towards the $ 3,500 mark.
Dips Limited at ETH?
If Ethereum stops trading above the USD 3,355 and USD 3,360 resistance levels, it could usher in a new downward correction. Immediate support on the downside is near the $ 3,300 mark.
The main support is now forming near the $ 3,250 zone and the broken trend line. A downside break below the USD 3,250 support zone could push the price towards the 100-hour simple moving average. The next big support could be at $ 3,200, below which the bears could aim for a retest of $ 3,120 in the short term.
Hourly MACD – The MACD for ETH / USD is now gaining pace in the upward zone.
Hourly RSI – The RSI for ETH / USD is now well above the 60 mark.
Great level of support – $ 3,250
Great resistance level – $ 3,420