Ethereum’s price has witnessed a significant increase above the $3,250 resistance level, signaling a bullish trend in the market. This surge has propelled ETH beyond $3,300 and indicates a potential for further upside movement in the near future.
A connecting bullish trend line has been identified with support at $3,270 on the hourly chart of ETH/USD, sourced via Kraken. This trend line suggests a positive outlook for Ethereum as it continues to trade above $3,250 and the 100-hourly Simple Moving Average.
The pair could potentially continue its upward trajectory above the $3,320 and $3,350 resistance levels. With the first major resistance near $3,350 and the next hurdle around $3,420, a break above these levels could pave the way for Ether to reach $3,500 and beyond.
Despite the bullish momentum, there is a possibility of a downside correction if Ethereum fails to clear the $3,340 resistance level. In such a scenario, initial support is expected near $3,270 and the identified trend line. Further support levels lie at $3,220 and $3,150, with a potential downside risk towards $3,050.
The hourly MACD for ETH/USD is showing an increase in bullish momentum, while the hourly RSI has surpassed the 50 zone. These technical indicators support the current upward trend observed in Ethereum’s price movement.
Ethereum’s price surge above key resistance levels signifies a bullish outlook for the cryptocurrency in the short term. With the formation of a bullish trend line and strong technical indicators, Ether may continue its upward trajectory towards higher price levels. However, caution is advised as a failure to clear resistance levels could lead to a downside correction in the near future.
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