Ethereum Price Breaks Out: Smashes $3,400 Mark in Bullish Run

Ethereum price started a fresh increase above the $3,220 zone. ETH is now consolidating gains and might correct lower toward the $3,220 zone.

• Ethereum started a fresh increase above the $3,150 level.
• The price is trading near $3,250 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support at $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it remains supported above the $3,220 zone in the near term.

Ethereum price started a fresh increase above the $3,000 zone, outperforming Bitcoin. ETH price gained pace for a move above the $3,050 resistance zone and entered a positive zone.

The bulls even pumped the price above $3,250. Finally, it tested the $3,420 zone. A high was formed at $3,423 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $2,935 swing low to the $3,423 high.

Ethereum price is now trading above $3,300 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,300 on the hourly chart of ETH/USD.

On the upside, the price could face resistance near the $3,350 level. The next key resistance is near the $3,400 level. The first major resistance is near the $3,420 level. A clear move above the $3,420 resistance might send the price toward the $3,500 resistance.

An upside break above the $3,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,650 in the near term.

If Ethereum fails to clear the $3,420 resistance, it could start a downside correction. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,220 zone.

A clear move below the $3,220 support might push the price toward the $3,180 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,020.

Technical Indicators

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

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

Major Support Level – $3,300

Major Resistance Level – $3,420