Ethereum price has been on the rise, surpassing key resistance levels and hitting $3,300. The cryptocurrency is currently trading above $3,250 and the 100-hourly Simple Moving Average, showing strength in the market.
A bullish trend line with support at $3,270 has formed on the hourly chart of ETH/USD, indicating a positive outlook for Ethereum. The price could continue to climb above $3,320 and $3,350 resistance levels in the near future.
Ethereum’s price surge started with a move above the $3,150 resistance zone, followed by a breakthrough above $3,250 and $3,300. The bulls are active, keeping the price well above key levels and looking to push it higher.
Currently facing resistance near $3,340, Ethereum could see further gains towards $3,350 and $3,420 levels. A breakthrough above $3,420 could propel Ether towards the $3,500 resistance.
In case of a downside correction, initial support is at $3,270 and the trend line, followed by major support near $3,220. Further declines might test $3,200 or the 50% Fib retracement level, with key support at $3,150.
Technical indicators show positive momentum, with the MACD gaining strength in the bullish zone and the RSI above the 50 zone. The major support level is at $3,270, while the major resistance level is at $3,340. Overall, Ethereum’s price is showing signs of strength and potential for further upside in the near term.