Ethereum Breaks Through Resistance While Bitcoin Lags Behind in Bullish Shift

Ethereum's price has initiated a notable rise above $3,250. Currently, ETH is consolidating its gains and may aim for further advances if it successfully surpasses the $3,380 resistance level.

Key Takeaways

Ethereum has started a significant upward movement above $3,200 and $3,250.
The price is currently above $3,200 and the 100-hour Simple Moving Average.
A bullish trend line is forming with support located at $3,210 on the hourly chart of ETH/USD (data sourced from Kraken).
The price could continue to rise if it establishes stability above the $3,350 zone.

Ethereum Smashes Resistance

Ethereum’s Price Increases Over 8%

Ethereum's price has managed to remain above $3,000, initiating a fresh increase that outperformed Bitcoin. ETH's price surged, surpassing both the $3,120 and $3,250 resistance levels. The bulls pushed the price beyond $3,350, although sellers became more active just under $3,400. A peak was reached at $3,396, and the price is currently consolidating. A slight dip occurred, falling below the 23.6% Fibonacci retracement level of the upward shift from the $3,094 swing low to the $3,396 high.

Currently, Ethereum’s price is above $3,200 and the 100-hour Simple Moving Average. Additionally, a bullish trend line continues to form with support at $3,210 on the ETH/USD hourly chart.

Ethereum Price
Source: ETHUSD on TradingView.com

If Ethereum experiences another upward surge, it may encounter resistance close to the $3,320 level. The next significant resistance lies around the $3,350 level, while the primary resistance is near $3,380. A definitive move above the $3,380 resistance could propel the price toward the $3,420 mark. If it breaks past the $3,420 area, Ether could potentially aim for even higher targets, around $3,500 or $3,550 in the near future.

Potential Pullback for ETH?

Should Ethereum fail to overcome the $3,380 resistance, it might initiate a new decline. The initial support on the downside is around the $3,250 level, coinciding with the 50% Fibonacci retracement level from the upward wave starting at the $3,094 swing low to the $3,396 high. The first major support level is situated near $3,210.

A clear drop below the $3,210 support could lead to a push toward the $3,150 mark. Continued declines may bring the price down to the $3,050 region, with the next key support at $3,000.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is generating momentum within the bullish territory.
Hourly RSI: The RSI for ETH/USD has crossed above the 50 threshold.

Major Support Level: $3,210
Major Resistance Level: $3,380