Ethereum price climbed to a new multi-month high above $3,400. ETH is consolidating like Bitcoin and seems to be setting up for another bullish spree.
- Ethereum extended its increase above the $3,400 resistance zone.
- The price is trading above $3,350 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct lower, but dips might be limited below the $3,250 support zone.
Ethereum Price Extends Rally
Ethereum price remained in a bullish zone after it settled above the $3,000 pivot level. Bitcoin saw strong moves above the $60,000 resistance. It even rallied toward the $64,000 level. ETH also started a decent increase and cleared the $3,320 resistance.
It surged over 10% and even tested the $3,500 level. A new multi-month high was formed near $3,496 before there was a sharp decline. A low was formed at $3,111 and the price is now attempting a fresh increase. It is still above the 23.6% Fib retracement level of the upward wave from the $3,111 swing low to the $3,465 high.
Downside Correction In ETH?
If Ethereum fails to clear the $3,450 resistance, it could start a downside correction. Initial support on the downside is near the $3,380 level.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 level.
Major Support Level – $3,285 Major Resistance Level – $3,450