Why Ethereum (ETH) See Another “Liftoff” if It’s Able to Hold One Crucial Level

Ethereum is holding gains above the $3,100 support zone against the US Dollar. ETH price could accelerate further higher if it clears the $3,330 resistance zone. Ethereum started a fresh increase and it even spiked above the $3,300 level. The price is now trading above $3,200 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $3,165 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase unless it declines below the $3,120 support zone. Ethereum Price Remains Elevated Ethereum remained stable above the main $3,000 support zone, similar to bitcoin. ETH price broke the $3,200 resistance zone and settled above the 100 hourly simple moving average. It even spiked above the $3,300 level and formed a high at $3,331. Ether is now correcting lower below the $3,300 level. It broke the 23.6% Fib retracement level of the recent increase from the $3,117 swing low to $3,331 high. An initial support on the downside is near the $3,220 level. It is near the 50% Fib retracement level of the recent increase from the $3,117 swing low to $3,331 high. There is also a major bullish trend line forming with support near $3,165 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com On the upside, an initial resistance is near the $3,300 level. The main resistance is now forming near the $3,330 level. A clear break and close above the $3,300 and $3,330 ...