Ethereum (ETH) has shown a strong upward trend, jumping 5% and surpassing the crucial $3,300 level. This rise indicates potential for further gains in the near future.
Key Highlights:
Ethereum is currently maintaining strong momentum above the $3,250 mark.
The price is trading above both $3,250 and the 100-hourly Simple Moving Average (SMA).
On the hourly chart of ETH/USD (data via Kraken), a bullish trend line is forming with a support level at $3,270.
There’s optimism that Ethereum could continue its upward trajectory beyond resistance levels at $3,320 and $3,350.
Ethereum Gains Strength
The journey began with Ethereum steadily climbing above the $3,150 resistance zone, signaling a notable shift in market sentiment. Breaking through the $3,250 resistance, Ethereum entered into positive territory, following Bitcoin’s upward movement. It peaked at $3,339 before consolidating gains, indicating strong support from buyers above the 23.6% Fibonacci retracement level from the recent low of $3,084 to the high of $3,339.
At present, Ethereum trades above $3,280 and the 100-hourly SMA, with a bullish trend line forming at $3,270 on the ETH/USD hourly chart. Resistance levels are currently positioned near $3,340, with the next major hurdle at $3,350. A successful breach above these levels could pave the way for Ethereum to challenge the $3,420 resistance, setting its sights on the $3,500 mark thereafter.
Potential Upsides and Resistance Levels
A decisive close above the $3,420 resistance could trigger further momentum towards $3,500 and beyond, with a notable resistance at $3,550. Conversely, failure to break the $3,340 resistance might lead to a corrective phase. Initial support levels include $3,270 and the trend line, followed by stronger support near $3,220. Deeper corrections could potentially test levels around $3,200 or the 50% Fibonacci retracement level.
Technical Indicators:
Hourly MACD: Indicating bullish momentum for ETH/USD.
Hourly RSI: Showing strength with readings above 50.
Major Support: $3,270
Major Resistance: $3,340
The current market sentiment suggests Ethereum is well-supported by bullish momentum. Traders and investors should stay vigilant, monitoring key levels closely to gauge potential price movements.
Keep updated on Ethereum’s price developments and market trends with ongoing analysis and insights.
