Ethereum Surges 5% to Break $3,300 Mark as Bullish Sentiment Dominates Market
Ethereum has experienced a significant surge, with its price surpassing $3,300 and showing potential for further gains in the near future. The cryptocurrency has been steadily rising above key resistance levels, including $3,250, and is currently trading above $3,280 along with the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a bullish trend line is forming with support at $3,270.
The recent positive momentum in Ethereum’s price saw it break through the $3,300 resistance level, testing highs at $3,339 before consolidating gains. The bulls are maintaining strength above the 23.6% Fib retracement level from the $3,084 swing low to the $3,339 high.
Looking ahead, Ethereum faces resistance near $3,340, with major hurdles at $3,350 and $3,420. A successful close above $3,420 could propel Ether towards the $3,500 resistance level. Further upside potential includes resistance at $3,550, with a break above this level potentially leading to a rise towards $3,650 in the coming days.
In the event of a downside correction, Ethereum could find initial support at $3,270 and the bullish trend line, followed by a major support zone near $3,220. A breach of $3,220 might push the price lower towards $3,200 or the 50% Fib retracement level from the recent swing low to high. Additional support levels stand at $3,150 and $3,050.
Technical indicators for Ethereum are currently showing positive signs, with the MACD gaining momentum in the bullish zone and the RSI above the 50 zone. Key support and resistance levels to watch include $3,270 as a major support level and $3,340 as a major resistance level.
As Ethereum continues its price movement, market participants are closely monitoring these key levels for potential trading opportunities and trend reversals. The cryptocurrency’s performance in the coming days will be crucial in determining its short-term trajectory and overall market sentiment.
