Ethereum is holding gains above the $3,100 support zone against the US Dollar. ETH price could accelerate further higher if it clears the $3,330 resistance zone.
Ethereum started a fresh increase and it even spiked above the $3,300 level.
The price is now trading above $3,200 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $3,165 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase unless it declines below the $3,120 support zone.
Ethereum Price Remains Elevated
Ethereum remained stable above the main $3,000 support zone, similar to bitcoin. ETH price broke the $3,200 resistance zone and settled above the 100 hourly simple moving average.
It even spiked above the $3,300 level and formed a high at $3,331. Ether is now correcting lower below the $3,300 level. It broke the 23.6% Fib retracement level of the recent increase from the $3,117 swing low to $3,331 high.
An initial support on the downside is near the $3,220 level. It is near the 50% Fib retracement level of the recent increase from the $3,117 swing low to $3,331 high. There is also a major bullish trend line forming with support near $3,165 on the hourly chart of ETH/USD.
On the upside, an initial resistance is near the $3,300 level. The main resistance is now forming near the $3,330 level. A clear break and close above the $3,300 and $3,330 resistance levels might start a fresh increase. The next key resistance might be near the $3,420 level, above which the price might rise towards the $3,500 resistance.
Dips Limited in ETH?
If ethereum fails to continue higher above the $3,300 and $3,330 resistance levels, it could extend its downside correction. An immediate support on the downside is near the $3,220 level.
The first key support is near the $3,200 level. The main support is now forming near $3,150 and the trend line. A downside break below the $3,150 support zone could spark a sharp decline. The next major support could be $3,000.
Technical Indicators:
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Major Support Level – $3,150
Major Resistance Level – $3,330
