Recently, the price of Ethereum has reached a new multi-month high above $3,300. This surge in price comes as Bitcoin is also experiencing gains above the $60,000 resistance level. Ethereum has extended its increase above the $3,300 resistance zone, currently trading above $3,250 and the 100-hourly Simple Moving Average. A connecting bullish trend line has formed with support at $3,320 on the hourly chart of ETH/USD (data feed via Kraken). The potential for further increase in price towards $3,420 or even $3,500 in the near term is being considered.
While Ethereum has experienced a steady increase from the $3,150 support zone, Bitcoin has rallied significantly above the $58,000 resistance level, surging over 10% and clearing the $60,000 mark. Ether has also managed to exceed $3,300, forming a new multi-week high near $3,368. The price of Ethereum is currently consolidating gains, trading above the 23.6% Fib retracement level and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $3,365 mark, with major resistance levels at $3,420 and $3,450 being potential targets for bullish momentum.
If Ethereum manages to move above the $3,500 resistance level, there is a possibility of a rally towards $3,650 or even a test of $3,800. However, failure to clear the $3,365 resistance could lead to a downside correction. Initial support on the downside is expected near the $3,320 level, with major support at the $3,280 zone and the 61.8% Fib retracement level. Further support could be found at the $3,160 level, with potential for the price to decrease towards $3,120 or even $3,050 in the case of continued losses.
The Hourly MACD for ETH/USD is gaining momentum in the bullish zone, indicating a positive outlook for Ethereum price. Additionally, the Hourly RSI for ETH/USD is now above the 50 level, suggesting a further potential for price increase. Major support is identified at $3,265, with major resistance at $3,365.
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