Ethereum’s native token, Ether (ETH), started a fresh increase and climbed above $3,000. The price is now showing bullish signs and might aim for a move toward the $3,350 resistance.
Ethereum Price Gains Bullish Momentum
In the past few sessions, there was a steady increase in Ethereum from the $2,500 zone. ETH formed a base and climbed above the $2,650 resistance zone. The recent gains in Bitcoin sparked positive moves, and the price surged above the $2,800 resistance.
There was a clear move above the $2,885 high and a close above the 50-day simple moving average (blue). The price is now up over 10% in a few days and might continue to rise.
Ethereum is now trading near the 1.236 Fib extension level of the downward move from the $2,875 swing high to the $2,117 low. The current daily candle suggests a bullish bias with high chances of more upsides. Besides, there is a key bullish trend line forming with support at $2,450 on the daily chart.
If the bulls remain in action and BTC rises further, ETH could accelerate higher. Immediate resistance is near the $3,120 level. The first major resistance sits near the $3,220 zone. If there is a clear move above the $3,220 resistance, the price could drift toward the next major resistance at $3,330. It is close to the 1.618 Fib extension level of the downward move from the $2,875 swing high to the $2,117 low.
A close above the $3,330 level could set the pace for a move toward the $3,450 level. The next key resistance could be near the $3,500 level. Any more losses could send Ether price toward the $3,620 level in the coming days.
Pullback In ETH?
If Ethereum fails to clear the $3,120 resistance, it could start a downside correction. Immediate support on the downside is near the $2,950 level. The first major support sits near the $2,880 level.
A daily close below the $2,880 level might spark a larger decline in Ethereum. In the stated case, the price could drop and retest the $2,700 support. If there is a clear move below the $2,700 support, ETH price might even decline and test the $2,500 zone and the trend line.
Overall, Ethereum price is showing positive signs above the $3,000 level. If the bulls remain active, they could soon aim for a move above the $3,220 and $3,330 resistance levels. If not, there could be a fresh decline toward $2,880.
