Ethereum Breaks $3,400 — Bulls Take Control in Major Breakout

Ethereum price again rose beyond $3,220. ETH is consolidating gains and may fall below $3,220.

Ethereum rose again over $3,150.
The 100-hourly Simple Moving Average and $3,250 are nearby.
On the hourly ETH/USD chart, a positive trend line with support at $3,300 is formed.

If it stays over $3,220, the pair may rise again.

Ethereum Price Rises Above $3,300

Ethereum price rose beyond $3,000, outperforming Bitcoin. ETH price moved over $3,050 barrier and entered a bullish zone.

Bulls drove prices over $3,250. The $3,420 zone was examined last. The price set a high at $3,423 and is consolidating gains above the 23.6% Fib retracement line of the upward run from the $2,935 swing low.

Ethereum is over $3,300 and the 100-hour SMA. On the hourly ETH/USD chart, a positive trend line with support at $3,300 is formed.

Price may find resistance at $3,350 on the upside. Around $3,400 is the next major resistance. Near $3,420 is the first substantial resistance. A clean break over $3,420 might push the price above $3,500.

Above $3,500 barrier might lead to additional advances in the following sessions. In this situation, Ether may soar to $3,550 or $3,650 soon.

Does ETH Support Downsides?

Ethereum may correct below $3,420 if it fails to break. The downside has initial support at $3,300. Near $3,220 is the first big support.

A decisive break below $3,220 might bring the price below $3,180. If losses continue, the price may reach $3,050 support. Next important support is $3,020.

Tech Indicators

Hourly ETH/USD MACD is rising in the positive zone.

Hourly ETH/USD RSI is over 50.

Major Support: $3,300

Major Resistance: $3,420


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