Business
Ethereum Price Surges to New Highs, Gearing Up for Further Bullish Momentum
Ethereum price is on an upward trajectory, hitting a fresh multi-month high above $3,400 and showing signs of consolidating, aligning with Bitcoin‘s current market behavior, indicating a potential bullish run in the near future.
Following a decisive move above the $3,000 pivot level, Ethereum surged and rose above the $3,320 resistance level. This surge marked a significant milestone for Ethereum, propelled by positive market sentiment overall.
The market witnessed an impressive rally in Bitcoin, which soared past the $60,000 mark and even flirted with the $64,000 level. In tandem with Bitcoin, Ethereum started a notable uptrend and successfully cleared the $3,320 barrier.
After reaching a peak at around $3,496, Ethereum experienced a slight pullback, finding support at $3,111 before beginning a fresh attempt at climbing higher. The current price action suggests a potential further surge in price for Ethereum.
At present, Ethereum is trading above $3,350 and comfortably above the 100-hourly Simple Moving Average. Moreover, a bullish trend line has formed with a support level around $3,250 on the hourly chart of ETH/USD, indicating a strong uptrend.
Key resistance levels for Ethereum include the $3,450 mark and the major psychological barrier at $3,500. Should Ethereum breach these resistance levels, the next significant obstacle lies at $3,550, signaling an impending bullish momentum for the cryptocurrency.
On the downside, a correction might occur if Ethereum fails to surpass the $3,450 resistance. Initial support levels are seen around $3,380 and $3,285, with further backing near $3,250 along with the crucial bullish trend line.
Technical indicators such as the hourly MACD and RSI for ETH/USD indicate a positive outlook, with the RSI moving above the 50 level, signaling a strengthening bullish momentum.
