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Ethereum Losing Pace, What Could Trigger Another Increase

Ethereum is consolidating below the $3,450 resistance against the US Dollar. ETH price could resume increase if it stays above the $3,250 support.

Ethereum is showing positive signs above the $3,350 support zone.
The price is now trading above $3,300 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $3,250 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another increase if it clears the $3,440 and $3,450 resistance levels.

Ethereum Price Remains Supported
Ethereum extended increase above the $3,400 resistance zone. ETH even climbed above the $3,450 resistance and formed a high near the $3,482 level.
Recently, there was a downside correction below the $3,400 level. The price even declined below $3,350, but it remained stable above $3,320. It is also trading above $3,300 and the 100 hourly simple moving average. Besides, there is a major bullish trend line forming with support near $3,250 on the hourly chart of ETH/USD.
A low is formed near $3,335 and ether price is now rising. There was a move above the 23.6% Fib retracement level of the recent decline from the $3,482 high to $3,335 low.
On the upside, an initial resistance is near the $3,410 level. It is near the 50% Fib retracement level of the recent decline from the $3,482 high to $3,335 low. The next major resistance is near the $3,450 level. Ether price could start another surge if there is a clear move above the $3,450 resistance.

Source: ETHUSD on TradingView.com
A close above the $3,450 level might pump the price towards the $3,500 level. If the bulls remain in action, the price could even rise above the $3,550 level.
Dips Limited in ETH?
If ethereum fails to start a fresh increase above the $3,450 level, it could start another downside correction. An initial support on the downside is near the $3,350 zone.
The next major support is near the $3,300 level. The main support is near the $3,250 zone and a connecting bullish trend line. A downside break below the $3,250 support zone might push the price towards the $3,100 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,250
Major Resistance Level – $3,450

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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