Ethereum Price Surges Above $3,250 Resistance: Bulls Eyeing Further Upsides
The price of Ethereum has seen a significant increase, surpassing key resistance levels and aiming for further gains in the near future. Ethereum started its upward trend above the $3,250 resistance zone and continued to climb, reaching above $3,300. The cryptocurrency is currently trading above $3,280 and the 100-hourly Simple Moving Average, indicating a strong bullish momentum.
A connecting bullish trend line has formed with support at $3,270 on the hourly chart of ETH/USD, suggesting that the price may continue to rise above the $3,320 and $3,350 resistance levels. The next major hurdles for Ethereum are at $3,340, $3,350, and $3,420, with a potential target of $3,500 if the price manages to break above these levels.
However, if Ethereum faces resistance and starts a downside correction, initial support is expected near $3,270 and the trend line. Further support levels are at $3,220, $3,200, and $3,150, with a key support at $3,050. Technical indicators such as the MACD and RSI are showing bullish signals, indicating a positive outlook for Ethereum in the short term.
Overall, Ethereum’s price surge and potential for further gains have caught the attention of investors and traders, with many closely monitoring the cryptocurrency’s movements in the coming days.
