Ethereum price $ETH started a new uptrend

Ethereum price has formed a base and is rising above the $3,200 resistance zone. Hopes for the $ETH ETH ETF have increased with the SEC's recent move. The trades took advantage of the recent move, which resulted in a strong move above the $3,350 resistance area.

It outperformed Bitcoin and increased by more than 20%. There was a strong move above the $3,500 resistance area. It traded to a new weekly high at $3,721 and is currently consolidating gains above the 23.6% Fib retracement level of the upward move from $3,067 to $3,721.

Ethereum is currently trading above $3,600 and the 100 SMA. There is also a short-term rising channel forming with support at $3,640.

Immediate resistance is near the $3,700 level. The first major resistance is near the $3,720 level. A break above the $3,720 resistance could send the price higher.

If Ethereum fails to clear the $3,720 resistance, it could start a correction. Initial support on the downside is near the $3,640 level and the channel area.

The next major support is near the $3,600 area. A clear move below the $3,600 support could push the price towards $3,500. Any further losses could push the price towards $3,400 in the near term.