Ethereum extended its rally, trading at a new all-time high above $ 3,450 against the US dollar. ETH price corrects gains but should remain well above $ 3,100.
- Ethereum remained in a strong uptrend, breaking the $ 3,400 level.
- The price is now trading well above $ 3,200 and the 100-hour simple moving average.
- A major bullish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with support near USD 3,220.
- The pair could correct lower but the bulls should remain active near $ 3,100 and $ 3,000.
Ethereum price increases another 10%
Ethereum is following a strong uptrend above the USD 3,000 resistance. ETH outperformed Bitcoin, rising above the $ 3,200 level. There was a 10% increase and the price topped the $ 3,400 level.
It traded at a new all-time high near $ 3,456 and was well above the 100-hour simple moving average. The price is now correcting gains and has traded below the $ 3,320 level. There was a break below the 50% fib retracement level of the recent rally from the low of $ 3,088 to the high of $ 3,456.
Immediate support on the downside is near the USD 3,250 level. A major bullish trendline is also forming on the hourly chart of ETH / USD with support near USD 3,220.
Source: ETHUSD on TradingView.com
The trendline is close to the 61.8% Fib retracement level of the recent rally from the low of $ 3,088 to the high of $ 3,456. The next major support is near the $ 3,080 level below which the price could prolong losses. In the indicated case, the price could revisit the $ 2,950 support and the 100-hour simple moving average.
Other advantages at ETH?
If Ethereum stays stable above trendline support and $ 3,100, it could continue to rise. Initial resistance to the upside is near the USD 3,320 level.
The first major resistance is near the USD 3,400 level. A significant uptrend above the $ 3,400 level and could open the doors for further uptrend above the $ 3,456 high. The next big stop could be $ 3,550 or even $ 3,620 in the short term.
Technical indicators
Hourly MACD – – The MACD for ETH / USD is slowly losing momentum in the bullish zone.
Hourly RSI – – The RSI for ETH / USD is still above the 50 level.
Main support tier – $ 3,100
Main Resistance Level – $ 3,400
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