Ethereum gained more than 4% and it surged above the $335 resistance against the US Dollar. ETH price traded to a new monthly high at $343 and it could rise further to $350.
- Ethereum started a fresh increase above the $325 and $335 resistance levels.
- The price traded to a new monthly high at $343 and it settled well above the 100 hourly simple moving average.
- There was a break above a crucial contracting triangle with resistance near $320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently correcting gains, but it is likely to rise towards the $350 resistance.
Ethereum Price Gains Bullish Momentum
After a couple of swing moves and a downside correction, Ethereum found support above $315 against the US Dollar. A support base was formed above the $320 level and recently ETH price started a fresh increase.
Ether climbed above the $325 pivot level and the 100 hourly simple moving average to move into a positive zone. As a result, there was a sharp increase and the price climbed above the $330 and $335 resistance levels.
Ethereum price trades above $242. Source:There was a break below the $335 level, plus the 23.6% Fib retracement level of the recent surge from the $315 swing low to $343 high. However, the price is now trading near the $330 support area (the recent breakout zone).
Dips Supported in ETH?
If there is a downside extension, Ethereum price might find bids near the $325 level. A downside break below the $328 and $325 levels might start another extended decline. The next major support is near the $318 level and the 100 hourly SMA, where the bulls are likely to take a strong stand in the near term.Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 55 level.
Major Support Level – $330 Major Resistance Level – $342 Risk disclaimer: 76.4% of retail CFD accounts lose money.