Ethereum price is on the rise, having surpassed the $3,320 mark and is targeting further increases beyond the $3,500 resistance level. This rally comes after ETH moved above the $3,300 and $3,320 levels, with a firm position above these points and the 100-hourly Simple Moving Average.
A minor bearish trend line is forming with resistance at $3,350 on the ETH/USD hourly chart. To maintain its upward trajectory, Ethereum must clear the $3,420 resistance zone. Achieving this could propel ETH towards $3,500 and potentially to the $3,600 resistance zone.
Despite a recent correction below $3,400, Ethereum dipped to $3,280 before consolidating. Ethereum's potential downside includes key support levels at $3,320 and $3,285. Breaking these could see prices fall to $3,220 or even $3,120.
Technical indicators such as the hourly MACD are bullish, while the RSI is above 50, suggesting positive momentum remains. Major supports lie at $3,300 with resistance at $3,350, influencing the price movements in the short term.
