Ethereum price climbed to a new multi-month high above $3,200. ETH is consolidating while Bitcoin is gaining pace above the $55,000 resistance.
- Ethereum extended its increase above the $3,200 resistance zone.
- The price is trading above $3,175 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could extend its increase toward $3,320 or even $3,450 in the near term.
Ethereum Price Underperforms Bitcoin
Ethereum price remained in a positive zone and extended its increase above the $3,050 resistance. ETH climbed above the $3,200 resistance, but upsides were contained after Bitcoin surged above $55,000.
Ether even spiked above $3,250. A new multi-week high is formed near $3,274 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $3,041 swing low to the $3,274 high.Are Dips Limited In ETH?
If Ethereum fails to clear the $3,250 resistance, it could start a downside correction. Initial support on the downside is near the $3,200 level.Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,150 Major Resistance Level – $3,250