Ethereum Price Surges Above $3,300, Eyeing Further Gains
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Current Trading Dynamics
ETH is currently trading above $3,280, supported by a bullish trend line at $3,270 on the hourly chart (data feed via Kraken). Additionally, the price remains well above the 100-hourly Simple Moving Average, further reinforcing its strong position. The immediate resistance lies around $3,340, with major hurdles at $3,350 and $3,420. Clearing these levels could propel ETH towards the $3,500 and $3,550 resistance zones.
Potential for Higher Gains
Ethereum recently formed a high at $3,339 and is now consolidating its gains. The bulls are actively maintaining the price above the 23.6% Fib retracement level of the upward move from the $3,084 swing low to the $3,339 high. The ongoing bullish momentum suggests that ETH could surpass the $3,350 resistance level soon. A close above $3,420 might signal a rally towards $3,500, with further gains potentially driving the price to the $3,650 resistance zone.
Support Levels on the Downside
If Ethereum fails to clear the $3,340 resistance, it may initiate a downside correction. Initial support is near $3,270 and the trend line. The first major support level is at $3,220. A break below this could push the price towards $3,200, aligned with the 50% Fib retracement level of the recent upward move. Additional losses might see ETH testing the $3,150 support level, with a further decline potentially leading to the $3,050 support zone.
Conclusion
Ethereum's current bullish trajectory indicates strong market confidence, with significant resistance levels in sight. Investors will be closely watching whether ETH can maintain its upward momentum and break through key resistance points, potentially driving the price higher in the coming days.