Ethereum surged almost 5% and broke above the $3,250 resistance level against the US Dollar. The price of Ethereum is rising and could reach $3,350 in the near future.
The crypto established a base above the $3,050 support zone. Following an upward trend, ETH broke through the $3,150 resistance level
Ethereum Price Gaining Traction
A clear advance above $3,250 was also seen, with the price settling above the 100 hourly simple moving average. At $3,340, it hit a new multi-week high and is now consolidating gains. Ether is currently trading above the recent wave’s 23.6% Fib retracement mark, from the $3,130 swing low to $3,340 high.
On the hourly chart of ETH/USD, a major bullish trend line is forming with support near the $3,160 level. On the upside, the $3,350 level serves as an early resistance with the next significant resistance located near $3,400. If there is a clear move above the $3,400 resistance, Ether’s price might begin a new surge. Should this happen, the price may test the $3,500 mark. Any further increases in the coming sessions might even lead to a move towards the $3,620 resistance zone.
ETH Reverse Trend
If Ethereum fails to start a new uptrend over $3,350, it may begin a downward correction. On the downside, $3,290 serves as an initial support level. The next significant support is seen near $3,235. It is close to the recent wave’s 50% Fib retracement level from the $3,130 swing low to the $3,340 high.
The trend line and the $3,200 zone are the primary supports. A breach below the $3,200 support zone could drive the price much lower. If this is the case, the price could even drop to $3,050.