Ethereum (ETH) Price Jumps 10% with Significant Increase in Trading Volume
Ethereum is on a roll, surpassing the $3,300 resistance level with confidence. This popular cryptocurrency has been climbing steadily, increasing by over 10% in the recent rally. Starting at $3,120, Ethereum gained momentum and managed to break through key resistance levels at $3,220 and $3,300.
At its peak, Ethereum reached $3,499 before a slight dip. However, it found solid support above $3,280, indicating strong buyer interest at lower levels. This healthy market dynamic means that whenever there is a slight pullback, buyers are ready to jump back in.
Technical analysis shows that Ethereum is comfortably trading above the 100-hour Simple Moving Average, a key indicator of market sentiment. This positioning confirms the bullish trend in the market. The MACD indicator is in the positive zone, adding to the bullish sentiment.
Although facing some resistance around $3,350 due to a short-term bearish trend line, overall market strength and positive technical indicators suggest that this resistance may not hold for long. Trading volume has been increasing steadily, indicating genuine market participation rather than erratic price movements based on large orders.
Looking ahead, the $3,420 level is the next major resistance area, with support levels at $3,285 and $3,220. Buyers have been protective in the $3,300-$3,320 range, suggesting potential accumulation before further price increases.
The hourly RSI is showing sustained bullish momentum without entering overbought territory, leaving room for future upside movement. Traders are eyeing the $3,500 level, as a breakthrough could lead to increased buying activity and a potential test of $3,600.
Overall, Ethereum’s price is steadily climbing, showing controlled growth and stability. With higher lows forming on hourly charts and increasing volume, Ethereum’s bullish momentum is expected to continue in the near term.
