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Ethereum price started a new rise above the $3,120 resistance. ETH is showing positive signs but is struggling to catch Bitcoin’s momentum.
- Ethereum started a new rally above the $3,000 resistance area.
- The price is trading above $3,120 and the 100-hour Simple Moving Average.
- There is an important bullish line forming at $3,230 support on the hourly chart of ETH/USD (data feed via Kraken).
- This pair can continue to rise if it clears the resistance at $3,350.
Ethereum Price Eyes Growing
Ethereum price started a new rise above the $2,880 resistance as Bitcoin. ETH managed to rise above the $3,000 and $3,120 resistance levels to move forward in a positive direction.
It even rose above the $3,250 level in the past few sessions. It is up more than 5% and has moved above $3,350. A high was formed at $3,390 before a minor pullback. There was a move below the 23.6% Fib retracement level from the $3,080 swing low to the $3,390 high.
Ethereum price is now trading above $3,220 and the 100-hour Simple Moving Average. There is also a key bullish line forming with support at $3,230 on the hourly chart of ETH/USD. The trendline is near the 50% Fib retracement level of the rising wave from the $3,080 swing low to the $3,390 high.
On the other hand, the price seems to be facing obstacles near the $3,350 level. The first major resistance is near the $3,390 level. The main resistance is now around $3,420. A clear move above the $3,420 resistance could send the price to the $3,550 resistance.
A break above $3,550 may call for additional gains in future sessions. In the mentioned scenario, Ether can rise to the resistance area of ​​$3,680.
Are Dips Limited in ETH?
If Ethereum fails to clear the $3,350 resistance, it may start a lower correction. The first support on the downside is near the $3,280 level. The first major support sits near the $3,250 area and the trend line.
A clear move below the $3,250 support could push the price towards $3,150. Another loss could send the price to the $3,080 support level in the near term. The next key support remains at $3,000.
Technical References
MACD per hour – MACD of ETH/USD is gaining momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,250
Major Resistance Level – $3,350
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