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Ethereum is up over 8% and it broke the $325 resistance zone against the US Dollar. ETH price tested the $330 level and it is likely to continue higher towards $350.
- Ethereum is surging and it is now trading well above the $300 handle.
- The price traded to a new monthly high at $300 and it is currently correcting lower.
- There is a major ascending channel forming with support near $318 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue higher above $330 as long as it is above the $300 handle.
Ethereum Price Surges 8%
In the past few days, there was a strong increase in Ethereum above the $280 resistance against the US Dollar. ETH price even settled above the $300 resistance and the 100 hourly simple moving average.
The bulls remained in action, resulting in a push above the $320 and $325 resistance levels. The price traded to a new monthly high at $300 and it is currently correcting lower. An initial support is near the 23.6% Fib retracement level of the recent rise from the $301 swing low to $330 high.
The first major support is near the $320 level. There is also a major ascending channel forming with support near $318 on the hourly chart of ETH/USD.
If ether price breaks the channel support, it could decline towards the $315 support zone. It is close to the 50% Fib retracement level of the recent rise from the $301 swing low to $330 high. The next major support is near the $312 level.
On the upside, the price is facing a short-term hurdle near the $330 level. A successful break above the $330 resistance could open the doors for a push towards the $345 and $350 resistance levels.
Dips Likely to be Limited in ETH
On the downside, the channel support and $315 are likely to prevent a major bearish move. If the price breaks the $315 support, it might extend its decline.
The next major support is near the $300 level (the pivot zone), below which the price is likely to test the 100 hourly simple moving average at $290.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 60 level.
Major Support Level – $320
Major Resistance Level – $330
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