Ethereum Price Primed To Hit $3.5K After Bitcoin Rallies Past $60K

Ethereum worth climbed to a brand new multi-month excessive above $3,300. ETH is consolidating whereas Bitcoin is gaining tempo above the $60,000 resistance.

• Ethereum prolonged its enhance above the $3,300 resistance zone.
• The worth is buying and selling above $3,250 and the 100-hourly Easy Transferring Common.
• There’s a connecting bullish development line forming with help at $3,320 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
• The pair might lengthen its enhance towards $3,420 and even $3,500 within the close to time period.

Ethereum Worth Underperforms Bitcoin

Ethereum worth began one other regular enhance from the $3,150 help zone. ETH cleared the $3,220 and $3,250 resistance ranges to maneuver additional right into a constructive zone.

Nonetheless, Bitcoin carried out higher and rallied considerably above the $58,000 resistance. It surged over 10% and even cleared the $60,000 stage. Ether additionally managed to pump above $3,300. A brand new multi-week excessive is fashioned close to $3,368 and the value is now consolidating features.

It’s buying and selling above the 23.6% Fib retracement stage of the upward wave from the $3,206 swing low to the $3,368 excessive. There may be additionally a connecting bullish development line forming with help at $3,320 on the hourly chart of ETH/USD.

Ethereum is now buying and selling above $3,250 and the 100-hourly Easy Transferring Common. Rapid resistance on the upside is close to the $3,365 stage. The primary main resistance is close to the $3,420 stage. The subsequent main resistance is close to $3,450, above which the value would possibly acquire bullish momentum.

Supply: ETHUSD on TradingView.com

If there’s a transfer above the $3,500 resistance, Ether might even rally towards the $3,650 resistance. Any extra features would possibly name for a take a look at of $3,800.

Draw back Correction In ETH?

If Ethereum fails to clear the $3,365 resistance, it might begin a draw back correction. Preliminary help on the draw back is close to the $3,320 stage.

The primary main help is close to the $3,280 zone and the 61.8% Fib retracement stage of the upward wave from the $3,206 swing low to the $3,368 excessive. The subsequent key help could possibly be the $3,160 zone. A transparent transfer under the $3,160 help would possibly ship the value towards $3,120. Any extra losses would possibly ship the value towards the $3,050 stage.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum within the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 stage.

Main Help Degree – $3,265

Main Resistance Degree – $3,365

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