Ethereum price started a fresh increase above the $3,320 zone. ETH is rising and aiming for more gains above the $3,500 resistance. Ethereum started a fresh increase above the $3,300 and $3,320 levels. The price is trading above $3,300 and the 100-hourly Simple Moving Average. There is a short-term bearish trend line forming with resistance at $3,350 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if it clears the $3,420 resistance zone. Ethereum Price Eyes More Gains Ethereum price remained supported above $3,120 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,220 and $3,300 resistance levels. The bulls pumped the price above the $3,400 level. It gained over 10% and traded as high as $3,499. Recently, there was a downside correction below $3,400. The price dipped below $3,320 and tested $3,280. A low was formed at $3,288 and the price is now consolidating above the 23.6% Fib retracement level of the recent decline from the $3,499 swing high to the $3,288 low. Ethereum price is now trading above $3,300 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term bearish trend line forming with resistance at $3,350 on the hourly chart of ETH/USD. The first major resistance is near the $3,400 level. The main resistance is now forming near $3,420 or the 61.8% Fib retracement level of the recent decline from the $3,499 swing high to the $3,288 low. A clear move above the $3,420 resistance might send the price toward the $3,500 resistance. An upside break above the $3,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,600 resistance zone or even $3,620. Downsides Limited In ETH? If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,320 level. The first major support sits near the $3,285 zone. A clear move below the $3,285 support might push the price toward $3,220. Any more losses might send the price toward the $3,120 support level in the near term. The next key support sits at $3,040. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,300 Major Resistance Level – $3,350
