Ethereum (ETH) Declines Turn Attractive; Bulls Eye $3,500

  • ETH kick-started a massive surge beyond the resistance zone at $3,250.
  • The alt traded beyond $3,250 and 100 hourly SMA.
  • The coin’s price chart indicates a massive bullish trend-line appearing with support around $3,300 (data from Kraken).
  • Breaking past the resistance zone at $3,380 might see the pair extending its gains.

Ether gained momentum past the $3,250 value area. The leading altcoin corrects its gains from $3.4K, but dips appear limited in the short term.

ETH Price Gains Pace

Ethereum price launched a massive upswing past the resistance level of $3,250. The leading alt overpowered the $3,300 hurdle and 100 hourly SMA to jump into a positive region. Bulls even pushed Ether past the $3,350 mark.

The altcoin surged above $3,400 to set a weekly peak around $3,412. Meanwhile, Ether corrects the gains, trading beneath $3,360 at this publication. Furthermore, the alt experienced a break under 23.6% Fibonacci retracement zone of the latest upswing from $3,206 to $3,412 peak.

For now, Ethereum’s price wavers beyond the $3,250 and 100 hourly SMA. Moreover, ETH’s hourly price chart shows a massive bullish trend-line developing with the support of around $3,300. On the upward, the nearest resistance locates around the $3,380 mark.

A decisive move pat $3,380 might lead to another short-term price surge. The following critical resistance stands near $3,420 before the coin tests the $3,500 mark. Further gains from here might propel the token’s price to $3,550 in the short term.

Ether Dips Limited?

Ethereum’s failure to kick-start another surge past $3,380 might mean a downward correction. The first support to the downside sits around the $3,320 mark. Meanwhile, the initial vital support is now developing at around $3,300.

The level sits near the 50% Fibonacci retracement zone of the latest upswing from the swing low of $3,206 towards $3,412 highs. Meanwhile, a downward move beneath $3,300 could push the token to the trend-line support. Any further drops might see Ether exploring value levels at $3,200.

Technical Indicators

  • Hourly MACD slowly lose pace inside bullish region
  • Hourly RSI stays beyond the 50-mark
  • Crucial support level – $3,300
  • Critical resistance level – $3,380.
By Edward Richardson
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