Ethereum gained traction and broke the USD 3,400 resistance zone against the US dollar. The ETH price is showing positive signs and could even cross the $ 3,500 mark.
- Ethereum started a neat surge above the USD 3,350 and USD 3,400 resistance levels.
- The price is now trading above $ 3,400 and the 100-hour simple moving average.
- The ETH / USD hourly chart (data feed via Kraken) broke through a key bearish trendline with resistance near USD 3,360.
- The pair is now consolidating gains and could even top $ 3,500 in the short term.
Ethereum price sees more gains in mind
Ethereum formed a base above the $ 3,200 mark and began to surge again. ETH broke the $ 3,350 resistance level and the 100-hour simple moving average.
There was also a break above a key bearish trendline with resistance near USD 3,360 on the ETH / USD hourly chart. It opened the doors to a move above the major resistance level of $ 3,400. Ether extended its move above the $ 3,420 level and tested the $ 3,450 level.
A high is formed at $ 3,450 and the price is now consolidating profits, similar to Bitcoin. It is also trading well above the 23.6% fib retracement level of the recent surge from the low of $ 3,115 to the high of $ 3,450.
Source: ETHUSD on TradingView.com
Immediate resistance to the upside is near the $ 3,420 level. The first major resistance is near $ 3,450. A significant break above the $ 3,450 mark could push the price higher. The next major resistance is at $ 3,500. Further gains could set the pace for a move towards the $ 3,650 mark.
Supported dips in ETH?
If Ethereum is no longer above the USD 3,420 and USD 3,450 resistance levels, it could initiate a downward correction. Initial support on the downside is near $ 3,380.
The next big support appears to be forming near $ 3,350. Further downtrends may require a test of the 50% fib retracement level of the recent rise from the $ 3,115 low to the $ 3,450 high. The next stop for the bears could be near $ 3,240.
Hourly MACD – The MACD for ETH / USD is slowly losing pace in the upward zone.
Hourly RSI – The RSI for ETH / USD is now above the 50 mark.
Large support tier – $ 3,350
Great resistance level – $ 3,450