Ethereum price has recently reached a new multi-month high above $3,300 and is currently consolidating. This surge in price comes as Bitcoin is also making gains above the $60,000 resistance level. The price of ETH has managed to clear several key resistance levels, leading to a positive trend in the cryptocurrency market.
The price of Ethereum is currently trading above $3,250 and the 100-hourly Simple Moving Average, indicating a bullish sentiment in the market. There is a connecting bullish trend line forming with support at $3,320, suggesting that the price may continue to rise in the near term. The immediate resistance on the upside is near the $3,365 level, with further resistance levels at $3,420 and $3,450.
If Ethereum manages to break above the $3,500 resistance level, it could rally towards $3,650 and even test $3,800. However, failure to clear the $3,365 resistance could lead to a downside correction. In such a scenario, the price may find support at $3,320, $3,280, and $3,160. A move below $3,160 could potentially send the price towards $3,120 and further down to $3,050.
Technical Indicators
The hourly MACD for ETH/USD is gaining momentum in the bullish zone, indicating a positive trend in the price movement. The hourly RSI for ETH/USD is now above the 50 level, suggesting that the price may continue to rise in the near term. The major support level is at $3,265, while the major resistance level is at $3,365.
Disclaimer
It is important to note that the information provided in this article is for educational purposes only. It does not represent the opinions of any financial institution and should not be considered as financial advice. Investing in cryptocurrencies carries risks, and individuals are advised to conduct their own research before making any investment decisions. Any information provided on this website should be used at the reader’s own risk.
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