Ethereum price climbed to a new multi-month high above $3,500. ETH is correcting gains like Bitcoin and might find strong bids near the $3,250 zone.
Ethereum extended its increase above the $3,500 resistance zone.
The price is trading above $3,300 and the 100-hourly Simple Moving Average.
There is a major bullish trend line forming with support at $3,260 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct lower, but dips might be limited below the $3,260 support zone.
Ethereum Price Eyes Fresh Increase
Ethereum price gained pace after it broke the $3,200 resistance zone, like Bitcoin. ETH cleared many hurdles near the $3,320 and $3,400 levels. Finally, it spiked above the $3,500 level.
A new multi-month high was formed near $3,515 before there was a downside correction. The price declined below the $3,420 and $3,400 levels. It even tested the 50% Fib retracement level of the upward wave from the $3,110 swing low to the $3,515 high.
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Ethereum is now trading above $3,300 and the 100-hourly Simple Moving Average. There is also a major bullish trend line forming with support at $3,260 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the upward wave from the $3,110 swing low to the $3,515 high.
Immediate resistance on the upside is near the $3,420 level. The first major resistance is near the $3,450 level. The next major resistance is near $3,500, above which the price might gain bullish momentum.
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