Ethereum (ETH) Price Expected to Breakout Following Bullish Momentum

Ethereum (ETH) Price Expected to Breakout Following Bullish Momentum

  • There might be an increase in the price if it closes over the $3,450 mark.
  • The $3,350 level serves as an early resistance level on the downside.

Ethereum’s price at the $3,450 level of resistance versus the US dollar is holding. ETH’s price may rise again if it holds above the $3,250 level. Above the $3,350 support level, Ethereum is exhibiting encouraging indicators. Currently, the price is trading higher above $3,300 and the 100-hour simple moving average (SMA).

ETH/USDT: Source: TradingView

On the hourly chart of ETH/USD, an extensive bullish trend line is forming with support of around $3,250. A breakout of $3,440 and $3,450 would signal the start of a new rise in the pair. The increase in the price of Ethereum has continued over the $3,400 barrier level. To get to the $3,482 high, it broke over resistance at $3,450.

There has been a recent decline lower than the $3,400 mark. Even when the price dropped below $3,350, it stayed over $3,320. The price of ether has created a bottom of around $3,335 and is presently climbing. Fib 23.6 percent retracement barrier was breached above the $3,482 high to $3,335 low drop.

Early Hindrance For Bulls

The $3,410 level serves as an early obstacle on the upward. Fib retracement level is close to the $3,482 high-to-low level of the latest fall. The $3,450 mark will be the next significant hurdle to be overcome shortly. If ether price breaks through the $3,450 level, a new uptrend might begin. There might be an increase in the price if it closes over the $3,450 mark. As long as ETH doesn’t break through the 3,450 mark, it might begin a new downward slump. The $3,350 level serves as an early resistance level on the downside.

The post has appeared first on thenewscrypto.com

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