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 pattern line forming with help at $3,320 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
• The pair may 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 support zone. ETH cleared the $3,220 and $3,250 resistance ranges to maneuver additional right into a optimistic zone.

Nevertheless, Bitcoin performed better and rallied significantly above the $58,000 resistance. It surged over 10% and even cleared the $60,000 degree. Ether additionally managed to pump above $3,300. A brand new multi-week excessive is fashioned close to $3,368 and the worth is now consolidating positive factors.

It’s buying and selling above the 23.6% Fib retracement degree of the upward wave from the $3,206 swing low to the $3,368 excessive. There’s additionally a connecting bullish pattern 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. Instant resistance on the upside is close to the $3,365 degree. The primary main resistance is close to the $3,420 degree. The subsequent main resistance is close to $3,450, above which the worth may achieve bullish momentum.

Supply: ETHUSD on TradingView.com

If there’s a transfer above the $3,500 resistance, Ether may even rally towards the $3,650 resistance. Any extra positive factors may 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 may begin a draw back correction. Preliminary help on the draw back is close to the $3,320 degree.

The primary main help is close to the $3,280 zone and the 61.8% Fib retracement degree 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 beneath the $3,160 help may ship the worth towards $3,120. Any extra losses may ship the worth towards the $3,050 degree.

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 degree.

Main Help Degree – $3,265

Main Resistance Degree – $3,365

Disclaimer: The article is supplied for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding choices. Use data supplied on this web site solely at your individual danger.