Ethereum extended its rally and it traded to a brand-new all-time high above $3,450 versus the United States Dollar. ETH rate is remedying gains, however it is most likely to remain well bid above $3,100.
- Ethereum stayed in a strong uptrend and it broke the $3,400 level.
- The rate is now trading well above $3,200 and the 100 per hour easy moving average.
- There is a significant bullish pattern line forming with assistance near $3,220 on the per hour chart of ETH/USD (information feed by means of Kraken).
- The set might remedy lower, however the bulls are most likely to remain active near $3,100 and $3,000.
Ethereum Price Rallies Another 10%
Ethereum is following a strong bullish course above the $3,000 resistance. ETH exceeded bitcoin and it rose above the $3,200 level. There was a 10% increase and the rate broke the $3,400 level.
It traded to a brand-new all-time high near $3,456 and it settled perfectly above the 100 per hour easy moving average. The rate is now remedying gains and it traded listed below the $3,320 level. There was a break listed below the 50% Fib retracement level of the current rally from the $3,088 swing low to $3,456 high.
An instant assistance on the drawback is near the $3,250 level. There is likewise a significant bullish pattern line forming with assistance near $3,220 on the per hour chart of ETH/USD.
Source: ETHUSD on TradingView.com
The pattern line is close to the 61.8% Fib retracement level of the current rally from the $3,088 swing low to $3,456 high. The next significant assistance is near the $3,080 level, listed below which the rate may extend losses. In the mentioned case, the rate might review the $2,950 assistance and the 100 per hour easy moving average.
More Upsides in ETH?
If Ethereum stays steady above the pattern line assistance and $3,100, it might continue to increase. An preliminary resistance on the benefit is near the $3,320 level.
The initially significant resistance is near the $3,400 level. A clear benefit break above the $3,400 level and might unlock for a more advantages above the $3,456 high. The next significant stop might be $3,550 and even $3,620 in the near term.
Hourly MACD – The MACD for ETH/USD is gradually losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Major Support Level – $3,100
Major Resistance Level – $3,400