Ethereum Smashes Resistance as Bullish Momentum Outpaces Bitcoin

Ethereum (ETH) has demonstrated significant bullish momentum, pushing past key resistance levels and leaving Bitcoin behind in its wake. The digital asset initiated a fresh increase above the $3,250 mark and is currently consolidating gains. Analysts are now keenly observing ETH's ability to breach the critical $3,380 resistance, which could pave the way for further substantial gains.

Ethereum Price Rallies Over 8%

The ETH price successfully stayed above the $3,000 level and launched a fresh rally, notably outperforming Bitcoin. This surge allowed Ethereum to clear significant resistance zones at $3,120 and $3,250. The bulls managed to push the price above $3,350, though resistance emerged near $3,400, with a high formed at $3,396 before a period of consolidation. Ethereum maintains its position above $3,200 and the 100-hourly Simple Moving Average, supported by a bullish trend line on the hourly chart. Should the price sustain above $3,350, it could eye $3,420, with potential targets extending towards $3,500 or even $3,550 in the near term.

Potential for a Pullback

Despite the strong performance, a failure to clear the $3,380 resistance could trigger a fresh decline for Ethereum. Immediate downside support is anticipated near the $3,250 level, aligning with the 50% Fib retracement of the recent upward wave from $3,094 to $3,396. The primary support level lies around the $3,210 zone. A decisive break below this could see the price drop towards $3,150, and extended losses might push ETH to the $3,050 region, with the next significant support at $3,000.

Technical Indicators

• Hourly MACD: The MACD for ETH/USD is showing increasing bullish momentum.
• Hourly RSI: The RSI for ETH/USD is currently positioned above the 50 zone, indicating a bullish sentiment.
• Major Support Level: $3,210
• Major Resistance Level: $3,380