Ethereum (ETH) started a fresh surge and climbed above $3,250. The price is now consolidating gains below a key barrier at $3,465.
Ethereum Price Outshines Bitcoin
In the past few days, Ethereum saw a steady increase above the $2,750 resistance zone. ETH gained pace for a move above the $2,880 and $3,000 resistance levels. The bulls even pumped the price above the 61.8% Fib retracement level of the downward move from the $4,107 swing high to the $1,384 low.
Finally, the price settled above the $3,100 level and the 50-day simple moving average. There is also a key bullish trend line forming with support at $2,600 on the daily chart.
Ethereum is now showing positive signs above the $3,200 level and the 50-day simple moving average. In the past two days, ETH outperformed Bitcoin with more than 10% gains.
However, the price is now approaching a key hurdle near $3,420 and $3,460. The 76.4% Fib retracement level of the downward move from the $4,107 swing high to the $1,384 low is also near the $2,465 level. If the bulls remain in action, they could attempt further gains.
A close above the $3,465 resistance could accelerate gains. In the stated case, immediate resistance is near the $3,500 level. The first major resistance sits near the $3,650 zone. If there is a clear move above the $3,650 resistance, the price could drift toward the next major resistance at $3,880.
Any more gains above the $3,880 level could set the pace for a move toward the $4,000 handle. The next key resistance could be near the $4,200 level.
Pullback In ETH?
If Ethereum fails to clear the $3,465 resistance, it could start a downside correction. Immediate support on the downside is near the $3,320 level. The first major support sits near the $3,250 level.
A daily close below the $3,250 level might spark a larger correction in Ethereum. In the stated case, the price could drop and retest the $2,750 support. The next major support is near the bullish trend line at $2,600, below which ETH price might even decline and test the $2,500 zone.
Overall, Ethereum price is showing positive signs above the $3,200 level. If the bulls remain active, they could soon aim for a move above the $3,465 and $3,500 resistance levels. If not, there could be a fresh decline toward $2,750.
