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Ethereum value climbed to a brand new multi-month excessive above $3,200. ETH is consolidating whereas Bitcoin is gaining tempo above the $55,000 resistance.

• Ethereum prolonged its enhance above the $3,200 resistance zone.
• The value is buying and selling above $3,175 and the 100-hourly Simple Moving Average.
• There is a key bullish pattern line forming with assist at $3,150 on the hourly chart of ETH/USD (information feed through Kraken).
• The pair might prolong its enhance towards $3,320 and even $3,450 within the close to time period.

Ethereum Price Underperforms Bitcoin

Ethereum value remained in a positive zone and prolonged its enhance above the $3,050 resistance. ETH climbed above the $3,200 resistance, however upsides have been contained after Bitcoin surged above $55,000.

Ether even spiked above $3,250. A brand new multi-week excessive is fashioned close to $3,274 and the worth is now consolidating positive factors. It is buying and selling above the 23.6% Fib retracement degree of the upward transfer from the $3,041 swing low to the $3,274 excessive.

There can also be a key bullish pattern line forming with assist at $3,150 on the hourly chart of ETH/USD. The pattern line is near the 61.8% Fib retracement degree of the upward transfer from the $3,041 swing low to the $3,274 excessive.

Ethereum is now buying and selling above $3,175 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is close to the $3,250 degree. The first main resistance is close to the $3,275 degree. The subsequent main resistance is close to $3,320, above which the worth would possibly achieve bullish momentum.

Source: ETHUSD on TradingView.com

If there’s a transfer above the $3,400 resistance, Ether might even rally towards the $3,450 resistance. Any extra positive factors would possibly name for a check of $3,500.

Are Dips Limited In ETH?

If Ethereum fails to clear the $3,250 resistance, it might begin a draw back correction. Initial assist on the draw back is close to the $3,200 degree.

The first main assist is close to the $3,150 zone and the pattern line, beneath which Ether would possibly check $3,130. The subsequent key assist could possibly be the $3,100 zone. A transparent transfer beneath the $3,100 assist would possibly ship the worth towards $3,050 or the 100-hourly Simple Moving Average. Any extra losses would possibly ship the worth towards the $2,880 degree.

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 degree.

Major Support Level – $3,150

Major Resistance Level – $3,250

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