Prediction/Analysis

TA: Ethereum is gaining momentum, which could explain why ETH could exceed $33,400

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Ethereum’s bullish move over the $ 3,300 resistance to the US dollar has been extended. Positive signs are being seen in Ethereum and it could rise to $ 3,400.

  • Ethereum continued to rise above the resistance levels at $ 3,250 and $ 3,300.
  • The price is currently trading above $ 3,250.
  • A break was observed above a key downtrendline with resistance at $ 3,240 on the hourly chart of ETH / USD (data feed via Kraken).
  • If there is a clear break above $3,350, the pair could accelerate further.

Key resistance broken by Ethereum price

Ethereum has remained above the $3,000 support zone, which is comparable to Bitcoin near $ 45,000 The price for Ethereum rose from $ 3,050 to $ 3,050.

The resistance levels of $ 3,200 & $ 3,250 were clearly broken. On the hourly chart of ETH / USD, there was also a break above a key downtrend with resistance at $ 3,240. The pair is now trading above the $ 3,250 and 100 hour simple moving mean.

It traded above $ 3.300 and is testing the extension level of 1.236 Fib for swing high, which dropped from $ 3,312 swing low to $ 3,131 swing high. Surprisingly, the initial resistance is close to the $ 3,355 mark.

Source: TradingView.com ETHUSD

More gains could be possible if the price breaks above $ 3,355. The $ 3,260 level is the first major resistance. It is now near the 1.618 fib extension level, which spans the swing low of $3,312 to the swing high of $3,131. Moving towards the $ 3,500 level may be necessary to make further gains.

Are dips restricted in ETH

Ethereum could begin a further downward correction if it fails to maintain above resistance levels of $ 3,355 or $ 3,360. Immediate support is near the $ 3300 level.

Key support is currently being formed near the $ 3250 area and the broken Trendline. A break below the $ 3250 support area could push prices towards the 100-hour simple moving average. The next major support level could be $ 3200. Bears could attempt to test $ 3,120 below this level in the near future.

Technical indicators

Hourly MACDThe MACD for USD / ETH is now moving in the bullish area.

Hourly RSIThe RSI is now well over 60 for USD and ETH.

Major support level – $ 3,250

Major Resistance Level – $ 3.420


Source

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