The price of Ethereum (ETH) increases by 10% when the transaction volume increases significantly
TLDR
Ethereum broke above $3,300 and showed a strong advance, the price recently reached $3,499 before a minor correction. 3,285 and $3,220
Ethereum price has shown impressive strength in recent trading sessions, breaking through the crucial $3,300 resistance level with conviction. The second-largest cryptocurrency by market capitalization has shown a clear upward trajectory, gaining more than 10% in its latest rally.
The price action started with strong support near the $3,120 level, which served as the starting point for the current upward move. Bulls have successfully pushed the price past several key resistance levels, including $3,220 and $3,300, creating a solid foundation for further gains.
In a dramatic move, Ethereum hit an intraday high of $3,499 before experiencing a minor retracement. The correction found support above $3,280, indicating strong buyers at lower levels. This price action suggests healthy market volatility as natural returns are being met by renewed buying interest.
Technical analysis shows that Ethereum is trading comfortably above the 100 hourly simple moving average, a widely viewed technical indicator that often reflects market sentiment. This position above the moving average provides further confirmation of a bullish market structure.
Immediate price action is facing some resistance near $3,350, where a short-term bearish trend line has formed. However, this resistance appears to be temporary given the overall market strength and positive technical indicators.
Trading volume has shown steady growth during this price move, lending credence to the upward movement. The increased trading activity indicates real market participation rather than large orders driving the price action.
The MACD indicator has entered the bullish zone, giving technical traders more confidence in the current market direction. This technical signal often precedes price appreciation when combined with other positive market conditions.
Looking at key price levels, the $3,420 zone represents the next major resistance area, which corresponds to the 61.8% Fibonacci retracement level of the recent price volatility. A successful breach of this level could pave the way to the psychologically important $3,500 mark.
The market structure suggests limited downside risk, with strong support at $3,285. Additional support levels are available at $3,220 and $3,120, providing multiple safety nets for any price corrections.
Recent trading patterns show buyers actively protecting dips, especially in the $3,300-$3,320 range. This behavior typically indicates accumulation and often precedes further price appreciation.
The hourly RSI (Relative Strength Index) remains above the 50 level, indicating continued bullishness without entering overbought territory. This technical setup allows for more inverted movement before any fatigue.
Market participants are watching the $3,500 level closely, as a break above this resistance will add buying activity. According to technical forecasts, such a breakthrough could lead to a test of the $3,600 area.
Current price action shows measured growth rather than parabolic activity, indicating sustainable growth rather than speculative gains. This controlled appreciation usually leads to stable price levels and reduces the likelihood of sharp reversals.
Short-term traders have noticed a high low forming on the hourly charts, which is a sign of bullish momentum. This pattern, coupled with increasing volume, supports a silver case for Ethereum's price.
The most recent data shows that Ethereum has held a position above $3,300, with constant buying pressure and improving technical indicators indicating continued strength in the near term.
