Ethereum (ETH) Price Climbs 10%, Bulls In Action

Ethereum price started a major increase above the $3,250 resistance zone. ETH even climbed above the $3,350 resistance to move further into a positive zone.

After a period of consolidation, Ethereum price has finally shown some strong bullish momentum. The second-largest cryptocurrency by market cap has gained over 10% in the last 24 hours, outperforming Bitcoin and other major coins.

As of writing, ETH/USD is trading at $3,440, up nearly 12% from yesterday’s lows. The coin’s total market cap has also risen to $402 billion, while its 24-hour trading volume stands at $160 billion.

ETH began a major increase above the $3,250 resistance zone. It even climbed above the $3,350 resistance to move further into a positive zone. Finally, there was a move above the $3,440 resistance, like Bitcoin.

It tested the $3,500 resistance zone. A high was formed at $3,497 and the price is now consolidating gains. The bulls seem to be active well above the 23.6% Fib retracement level of the upward wave from the $3,085 swing low to the $3,497 high.

Ethereum is now trading above $3,400 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,320 on the hourly chart of ETH/USD.

On the upside, the price is facing resistance near the $3,480 level. The first major resistance is near the $3,500 level. The next major hurdle is near the $3,550 level. A close above the $3,550 level might send Ether toward the $3,650 resistance.

The next key resistance is near $3,720. An upside break above the $3,720 resistance might send the price higher toward the $3,880 resistance zone in the coming days.

If ETH fails to clear the $3,500 resistance, it could start a downside correction. Initial support on the downside is near $3,400. The first major support sits near the $3,320 zone and the trend line.

A clear move below the $3,320 support might push the price toward $3,270 or the 50% Fib retracement level of the upward wave from the $3,085 swing low to the $3,497 high. Any more losses might send the price toward the $3,220 support level in the near term. The next key support sits at $3,150.

The MACD for ETH/USD is losing momentum in the bullish zone. The RSI for ETH/USD is now above the 50 zone.

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