Ethereum price has started to rise rapidly above the $3250 resistance zone. ETH has even crossed $3300 and is heading towards further growth in the near future.

• Ethereum is gaining momentum above $3,250.
• The price remains above $3,250 and the 100-hour plain moving average.
• On the hourly chart of the ETH/USD pair (data via Kraken), a connecting uptrend line is forming with support at $3270.
• The pair may continue to rise above the $3,320 and $3,350 resistance levels.

Ethereum price regains strength

Ethereum price started to rise steadily above the $3150 resistance zone. ETH even climbed above the $3250 resistance to move into the positive zone. Finally, there was a move above the $3300 resistance, like Bitcoin.

$3250 resistance zone tested. A high formed at $3339 and price is currently consolidating gains. Bulls appear to be vigorous well above the 23.6% Fibonacci retracement level of the upside from the $3084 swing low to the $3339 high.

Ethereum is now trading above $3,280 and the 100-hour plain moving average. There is also a connecting bullish trendline forming with support at $3,270 on the ETH/USD hourly chart.

On the other hand, the price is encountering resistance near the $3340 level. The first major resistance is near the $3350 level. The next major obstacle is near the $3420 level. A close above the $3420 level could take Ether towards the $3500 resistance level.

The next key resistance is located near $3,550. A break of the $3,550 resistance level could see the price rally towards the $3,650 resistance zone in the coming days.

Are DIPs supported in ETH?

If Ethereum fails to break through the $3340 resistance, it could begin a downward correction. Initial downside support is near $3270 and the trendline. The first major support is near the $3220 zone.

A clear move below the $3,220 support could push the price towards $3,200 or the 50% Fibonacci retracement level of the uptrend from the $3,084 swing low to the $3,339 high. Any further losses could send the price towards the $3,150 support level in the near future. The next key support is at $3,050.

Technical indicators

Hourly MACD – The MACD for the ETH/USD pair is gaining momentum in the growth zone.

Hourly RSI – The RSI indicator for the ETH/USD pair has already exceeded the level of 50.

Major Support Level – $3,270

Main resistance level – $3340