Ethereum price climbed to a new multi-month high above $3,500. ETH is correcting gains like Bitcoin and might find strong bids near the $3,250 zone.
- Ethereum extended its increase above the $3,500 resistance zone.
- The price is trading above $3,300 and the 100-hourly Simple Moving Average.
- There is a major bullish trend line forming with support at $3,260 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct lower, but dips might be limited below the $3,260 support zone.
Ethereum Price Eyes Fresh Increase
Ethereum price gained pace after it broke the $3,200 resistance zone, like Bitcoin. ETH cleared many hurdles near the $3,320 and $3,400 levels. Finally, it spiked above the $3,500 level.
A new multi-month high was formed near $3,515 before there was a downside correction. The price declined below the $3,420 and $3,400 levels. It even tested the 50% Fib retracement level of the upward wave from the $3,110 swing low to the $3,515 high.
Are Dips Supported In ETH?
If Ethereum fails to clear the $3,420 resistance, it could start a downside correction. Initial support on the downside is near the $3,310 level.Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,260 Major Resistance Level – $3,420