Ethereum Price Primed To Hit $3.5K After Bitcoin Rallies Past $60K – NewsBTC
Ethereum price climbed to a new multi-month high above $3,300. ETH is consolidating while Bitcoin is gaining pace above the $60,000 resistance.
Ethereum price started another steady increase from the $3,150 support zone. ETH cleared the $3,220 and $3,250 resistance levels to move further into a positive zone.
However, Bitcoin performed better and rallied significantly above the $58,000 resistance. It surged over 10% and even cleared the $60,000 level. Ether also managed to pump above $3,300. A new multi-week high is formed near $3,368 and the price is now consolidating gains.
It is trading above the 23.6% Fib retracement level of the upward wave from the $3,206 swing low to the $3,368 high. There is also a connecting bullish trend line forming with support at $3,320 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,250 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $3,365 level. The first major resistance is near the $3,420 level. The next major resistance is near $3,450, above which the price might gain bullish momentum.
Source: ETHUSD on TradingView.com
If there is a move above the $3,500 resistance, Ether could even rally toward the $3,650 resistance. Any more gains might call for a test of $3,800.
If Ethereum fails to clear the $3,365 resistance, it could start a downside correction. Initial support on the downside is near the $3,320 level.
The first major support is near the $3,280 zone and the 61.8% Fib retracement level of the upward wave from the $3,206 swing low to the $3,368 high. The next key support could be the $3,160 zone. A clear move below the $3,160 support might send the price toward $3,120. Any more losses might send the price toward the $3,050 level.
Technical Indicators
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 – $3,265
Major Resistance Level – $3,365
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
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