Ethereum price is on the rise, having increased over 10% and is now targeting resistance levels above $3,350. After a dip, Ethereum started a fresh rally, trading above $3,250 and surpassing the 100-hourly Simple Moving Average.
A contracting triangle is forming with resistance at $3,360, and a significant resistance is expected around the $3,385 level. If Ethereum surpasses $3,420, it could reach even higher price levels, such as $3,550 or $3,880.
However, a failure to clear the $3,350 resistance could signal another decline, with initial support at $3,300 and major support at $3,250. Any further losses could test lower support levels near $3,150 and $3,050.
Technical indicators like the MACD are showing bullish momentum, while the RSI for ETH/USD remains above the 50 zone, suggesting continued potential for Ethereum’s price growth.
