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Ethereum worth climbed to a brand new multi-month excessive above $3,300. ETH is consolidating whereas Bitcoin is gaining tempo above the $60,000 resistance.

• Ethereum prolonged its enhance above the $3,300 resistance zone.
• The worth is buying and selling above $3,250 and the 100-hourly Simple Moving Average.
• There is a connecting bullish development line forming with help at $3,320 on the hourly chart of ETH/USD (knowledge feed through Kraken).
• The pair may lengthen its enhance towards $3,420 and even $3,500 within the close to time period.

Ethereum Price Underperforms Bitcoin

Ethereum worth began one other regular enhance from the $3,150 support zone. ETH cleared the $3,220 and $3,250 resistance ranges to maneuver additional right into a constructive zone.

However, Bitcoin performed better and rallied significantly above the $58,000 resistance. It surged over 10% and even cleared the $60,000 stage. Ether additionally managed to pump above $3,300. A brand new multi-week excessive is shaped close to $3,368 and the worth is now consolidating features.

It is buying and selling above the 23.6% Fib retracement stage of the upward wave from the $3,206 swing low to the $3,368 excessive. There can also be a connecting bullish development line forming with help at $3,320 on the hourly chart of ETH/USD.

Ethereum is now buying and selling above $3,250 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is close to the $3,365 stage. The first main resistance is close to the $3,420 stage. The subsequent main resistance is close to $3,450, above which the worth would possibly achieve bullish momentum.

Source: ETHUSD on TradingView.com

If there’s a transfer above the $3,500 resistance, Ether may even rally towards the $3,650 resistance. Any extra features would possibly name for a take a look at of $3,800.

Downside Correction In ETH?

If Ethereum fails to clear the $3,365 resistance, it may begin a draw back correction. Initial help on the draw back is close to the $3,320 stage.

The first main help is close to the $3,280 zone and the 61.8% Fib retracement stage of the upward wave from the $3,206 swing low to the $3,368 excessive. The subsequent key help may very well be the $3,160 zone. A transparent transfer under the $3,160 help would possibly ship the worth towards $3,120. Any extra losses would possibly ship the worth towards the $3,050 stage.

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 stage.

Major Support Level – $3,265

Major Resistance Level – $3,365

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