Ethereum Price Powers Ahead with a 10% Surge: More to Come?
Ethereum price remained supported above the $3,250 zone. ETH started a fresh surge and cleared the $3,550 resistance zone.
- Ethereum started a fresh increase from the $3,250 support zone.
- The price is trading above $3,500 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $3,375 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is up nearly 10% and now consolidates gains near the $3,650 zone.
Ethereum Price Starts Fresh Surge
Ethereum price remained supported above $3,250 and started a fresh increase bearing Bitcoin. ETH was able to surpass the $3,350 and $3,400 resistance levels.
There was a break above a connecting bearish trend line with resistance at $3,375 on the hourly chart of ETH/USD. The bulls pumped the price above the $3,500 and $3,550 resistance levels. It gained nearly 10% and traded as high as $3,688.
The price is now correcting gains below the $3,650 level. Ethereum price is now trading above $3,550 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the upward move from the $3,254 swing low to the $3,688 high.
On the upside, the price seems to be facing hurdles near the $3,650 level. The first major resistance is near the $3,685 level. The main resistance is now forming near $3,720.
A clear move above the $3,720 resistance might send the price toward the $3,840 resistance. An upside break above the $3,840 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,950 resistance zone or even $4,000.
Downsides Supported In ETH?
If Ethereum fails to clear the $3,685 resistance, it could start another decline. Initial support on the downside is near the $3,585 level. The first major support sits near the $3,550 zone.
A clear move below the $3,550 support might push the price toward the 50% Fib retracement level of the upward move from the $3,254 swing low to the $3,688 high at $3,470. Any more losses might send the price toward the $3,350 support level in the near term. The next key support sits at $3,250.
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 zone.
Major Support Level $3,485
Major Resistance Level $3,685
Source: NewsBTC.com
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