Ethereum (ETH) Price Surges Above $3,300 with Increased Trading Volume
TLDR
Ethereum has started a recovery trend, surpassing $3,250 and staying above $3,300. Technical analysis reveals a break above a bearish trend line at $3,320 on the hourly chart. The price hit a peak of $3,473 before a slight correction. Strong support levels are established at $3,280 and $3,200. Potential resistance points are identified at $3,420 and $3,480, with potential targets at $3,550 and $3,650.
The cryptocurrency market witnessed increased activity as Ethereum, the second-largest digital asset by market capitalization, showed consistent upward movement above $3,300. Recent price action indicates Ethereum maintaining its position above crucial support levels while exploring new resistance points.
Data from major cryptocurrency exchange Kraken reveals Ethereum’s upward trend by surpassing the $3,240 level. This movement, though moderate compared to Bitcoin’s recent performance, formed higher lows considered bullish by technical analysts.
Ethereum successfully surpassed key resistance levels like $3,300 and $3,320, entering a “positive zone” where buying pressure typically surpasses selling pressure, favoring further upward movement.
Following a local high of $3,473, Ethereum experienced a minor pullback viewed as a normal consolidation phase after a strong upward move. Technical analysis shows a bearish trend line break at $3,320, indicating a potential weakening of sellers’ influence and paving the way for price appreciation.
Maintaining position above the 100-hourly Simple Moving Average signals positive market sentiment and acts as dynamic support. Ethereum faces resistance near $3,400, with stronger resistance at $3,420 and a crucial level at $3,480, which could trigger increased buying activity towards $3,550.
Support levels exist at $3,280 and $3,200, with the latter coinciding with the 50% Fibonacci retracement level. Trading indicators present a mixed but mainly positive outlook, with the MACD showing increasing momentum and the RSI above 50.
Volume analysis indicates steady buying pressure, with lower support zones at $3,120 and $3,050. Market order books suggest institutional interest at current levels, with a preference for long positions over shorts and potential for continued upward movement supported by technical formations on higher timeframes.
