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Ethereum Bulls Are in Control. Why Ethereum Could Rally Above $3,000.500

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Ethereum

Ethereum gained strength above $3,000.3 and $3.350 against the US dollar. The price of Ethereum could rise if it reaches $3450 and $3500.

After Ethereum reached the $3,200 mark, Ethereum began a steady rise.
The price traded above $3,300 at the hour and the simple moving average is 100 hours.
A break below a key bullish line was observed with support close to $3,400 on an hourly chart for ETH/USD (datafeed via Kraken).
It is possible that the pair might be supported at $3,300 or $3,250 levels.

Ethereum price stuck below resistance

Ethereum established a base at $3,000 and began a new increase. ETH crossed the $3.150 and $3.200 resistance levels to enter a positive zone.

A close above the $3,000.00 level and the 100-hourly simple moving mean was also recorded. The price reached $3,489 but recently fell back to the same level as bitcoin. Ether fell below the $3,000.00 support level. Below the 23.6% Fib Retracement level of the upward movement from the $2970 swing low down to the $34,489 high, there was a break.

The hourly chart for ETH/USD showed a break below the key bullish trendline with support close to $3,400. It is trading now above the $3320 support level.

Source: ETHUSD on TradingView.com

The $3,400 level is the immediate resistance. The $3,420 level is the first major resistance. A break above the level of $3,420 could lead to a steady increase. The $3,500 level is the next major resistance, and above that the price could accelerate higher.

Dips Limited in Ethereum?

It could begin a new downside correction if ethereum does not rise above the $3.420 and $3.500 resistance levels. The initial support for the downside is at the $3,300 level.

The initial key support is currently forming at the $3,250 and 100 hourly simple moving average levels. If ether fails above $3.250, it may test the $3.230 level. It is now near the 50% Fib level of the upward swing from the $2.970 swing low to the $3.489 high.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is just below the 50 level.

Major Support Level – $3,250

Major Resistance Level – $3,420

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