ETH climbs to a multi-month high, consolidates near $3,400. Key support at $3,250, potential upside towards $3,680 if $3,550 resistance breaks.

Ethereum's value surged, reaching a fresh multi-month peak surpassing $3,400. Much like Bitcoin, ETH is currently consolidating and appears poised for another bullish upswing.

  • Ethereum continued its upward trajectory beyond the $3,400 resistance barrier.
  • The price is holding steady above $3,350 and the 100-hourly Simple Moving Average.
  • A crucial bullish trend line is taking shape, finding support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
  • While there is potential for a correction, any downturns may be contained above the $3,250 support level.

Ethereum's Ascension Persists

Ethereum maintained its bullish momentum after establishing a foothold above the $3,000 pivot mark. Bitcoin experienced robust movements, breaching the $60,000 resistance and surging towards $64,000. Following suit, ETH initiated a substantial climb, surpassing the $3,320 resistance.

The surge exceeded 10%, testing the $3,500 threshold. A new multi-month high materialized around $3,496, followed by a sharp downturn. The price found a bottom at $3,111 and is now endeavoring a fresh ascent. It remains above the 23.6% Fib retracement level from the $3,111 low to the $3,465 high.

Presently, Ethereum is trading above $3,350 and the 100-hourly Simple Moving Average, with a key bullish trend line forming support at $3,250 on the hourly ETH/USD chart. This trend line aligns closely with the 61.8% Fib retracement level from the $3,111 low to the $3,465 high.

On the upside, immediate resistance lies near the $3,450 level, followed by the primary hurdle at $3,500. Subsequent major resistance is anticipated at $3,550, surpassing which could trigger further bullish momentum.

Source: ETHUSD on TradingView.com

If the price surpasses the $3,550 resistance, Ether may rally towards the $3,680 resistance. Additional gains might pave the way for testing $3,800.

Potential Downturn in ETH?

If Ethereum struggles to breach the $3,450 resistance, a downside correction may ensue. Initial support on the downside is anticipated near the $3,380 level.

The primary support zone is around $3,285, followed by the crucial $3,250 zone and the associated trend line. A decisive move below the $3,250 support could propel the price towards $3,120. Further losses might lead the price down to the $3,050 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum within the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $3,285

Major Resistance Level – $3,450