Ethereum started an upside correction above the $3,180 zone against the US Dollar. ETH price must clear the $3,250 to continue higher in the near term.
- Ethereum started a decent increase above the $3,200 resistance zone.
- The price is trading above $3,200 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $3,190 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 $3,250 resistance zone.
Ethereum Price Aims Upside Break
Ethereum started a decent increase above the $3,150 resistance zone. ETH even broke the $3,200 resistance zone and the 100 hourly simple moving average to move into a positive zone.
The upward move gained pace, but the bears appeared near the $3,250 level. A high was formed near $3,264 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the recent increase from the $2,931 swing low to $3,264 high.
Besides, there is a key bullish trend line forming with support near $3,190 on the hourly chart of ETH/USD. Bitcoin price is trading above $3,200 and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
On the upside, an immediate resistance is near the $3,250 level. A clear move above the $3,250 level might start a major increase in the near term. The next major resistance is near the $3,330 level, above which ether price could test $3,400. Any more gains could send the price towards the $3,550 level in the near term.
Fresh Decline in ETH?
If ethereum fails to start a…