Why Ethereum (ETH) See Another “Liftoff” if It’s Able to Hold One Crucial Level

Why Ethereum (ETH) See Another “Liftoff” if It’s Able to Hold One Crucial Level

Ethereum is holding gains above the $3,100 support zone against the US Dollar. ETH price could accelerate further higher if it clears the $3,330 resistance zone.

• Ethereum started a fresh increase and it even spiked above the $3,300 level.
• The price is now trading above $3,200 and the 100 hourly simple moving average.
• There is a major bullish trend line forming with support near $3,165 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase unless it declines below the $3,120 support zone.

Ethereum remained stable above the main $3,000 support zone, similar to bitcoin. ETH price broke the $3,200 resistance zone and settled above the 100 hourly simple moving average.

It even spiked above the $3,300 level and formed a high at $3,331. Ether is now correcting lower below the $3,300 level. It broke the 23.6% Fib retracement level of the recent increase from the $3,117 swing low to $3,331 high.

An initial support on the downside is near the $3,220 level. It is near the 50% Fib retracement level of the recent increase from the $3,117 swing low to $3,331 high. There is also a major bullish trend line forming with support near $3,165 on the hourly chart of ETH/USD.

On the upside, an initial resistance is near the $3,300 level. The main resistance is now forming near the $3,330 level. A clear break and close above the $3,300 and $3,330 resistance levels might start a fresh increase. The next key resistance might be near the $3,420 level, above which the price might rise towards the $3,500 resistance.

If ethereum fails to continue higher above the $3,300 and $3,330 resistance levels, it could extend its downside correction. An immediate support on the downside is near the $3,220 level.

The first key support is near the $3,200 level. The main support is now forming near $3,150 and the trend line. A downside break below the $3,150 support zone could spark a sharp decline. The next major support could be $3,000.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is still above the 50 level.

Major Support Level – $3,150

Major Resistance Level – $3,330