Ethereum gained pace above the $3,250 zone against the US Dollar. ETH price is correcting gains from $3,400, but dips might be limited in the near term.
- Ethereum started a strong increase above the $3,250 resistance zone.
- The price is trading above $3,250 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if there is a clear break above the $3,380 resistance zone.
Ethereum Price Gains Momentum
Ethereum started a strong increase above the $3,250 resistance zone. ETH even broke the $3,300 resistance zone and the 100 hourly simple moving average to move further into a positive zone.
The bulls even pumped the price above the $3,350 level. Ether price spiked above the $3,400 level and a new weekly high is formed near $3,412. It is now correcting gains and trading below $3,360. There was a break below the 23.6% Fib retracement level of the recent upward move from the $3,206 swing low to $3,412 high.
Ether price is now trading above $3,250 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $3,300 on the hourly chart of ETH/USD. On the upside, an immediate resistance is near the $3,380 level.
Source: ETHUSD on TradingView.com
A clear move above the $3,380 level might start another increase in the near term. The next major resistance is near the $3,420 level, above which ether price could test $3,500. Any more gains could send the price towards the $3,550 level in the near…