Ethereum price has surged above the $3,350 resistance level, testing $3,500 and showing potential for further gains. The price is currently trading above $3,350 and the 100-hourly Simple Moving Average, indicating strength in the market.
A key bullish trend line is forming with support at $3,320 on the hourly chart of ETH/USD. The pair could continue to rise above the $3,500 and $3,550 resistance levels.
Ethereum price has climbed 10%, with bulls in action pushing it above the $3,250 resistance zone. It has also surpassed the $3,440 resistance, reaching a high of $3,497 before consolidating gains.
The price is now trading above $3,400 and the 100-hourly Simple Moving Average, with resistance levels at $3,480, $3,500, and $3,550. A close above $3,550 could lead Ether towards the $3,650 resistance.
If Ethereum fails to break the $3,500 resistance, it may face a downside correction with initial support at $3,400 and major support at $3,320. Further support levels include $3,270, $3,220, and $3,150.
Technical indicators show the MACD for ETH/USD losing momentum in the bullish zone, while the RSI is above the 50 zone. Major support is at $3,320 and resistance at $3,500.