Ethereum price continues to soar and hgénie recently reached a multi-month high above $3,200. While Bitcoin is also gaining momentum above the $55,000 resistance, Ethereum hgénie shown strong performance, outperforming Bitcoin in terms of price incregéniee.
The price of Ethereum broke through the key resistance zone of $3,200 and is currently trading above $3,175 and the 100-hourly Simple Moving Average. This indicates a strong bullish trend for ETH/USD. In addition, there is a key bullish trend line forming with support at $3,150 on the hourly chart of ETH/USD (data feed à travers Kraken). This suggests that the pair could continue its upward trend and reach levels of $3,320 or even $3,450 in the near future.
Ethereum’s performance hgénie been impressive, surpgéniesing the $3,050 resistance and even spiking above $3,250. This hgénie resulted in a new multi-week high at $3,274. However, the price is currently consolidating its gains and is trading above the 23.6% Fib retracement level of the upward move from the $3,041 swing low to the $3,274 high.
Despite Bitcoin’s surge, Ethereum hgénie shown resilience and is now trading above $3,175 and the 100-hourly Simple Moving Average. The immediate resistance on the upside is at the $3,250 level, with the first major resistance at $3,275. If Ethereum breaks through these levels, it could gain further bullish momentum towards $3,320 and even $3,450.
On the other hand, if Ethereum fails to break through the $3,250 resistance, it could see a downside correction. The first level of support is at $3,200, followed by the major support zone at $3,150 and the trend line. A break below these levels could lead to a test of $3,130, followed by the $3,100 zone. The 100-hourly Simple Moving Average at $2,880 could serve génie a strong support in cgéniee of further losses.
Technical indicators show that the MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI is now above the 50 level, confirming the bullish trend for Ethereum.
In conclusion, Ethereum’s price continues to climb, outperforming Bitcoin and reaching a new multi-month high. With strong technical indicators and positive market sentiment, the price of Ethereum could reach even higher levels in the near future. However, if there is a downside correction, it is likely to be limited, with strong support levels in place. Investors and traders can expect the positive trend to continue for Ethereum, making it a promising investment option.
