Ethereum Price Rally Stalls As Bitcoin Pumps But Bulls Are Not Done Yet

Ethereum price climbed to a new multi-month high above $3,200. ETH is consolidating while Bitcoin is gaining pace above the $55,000 resistance. Ethereum extended its increase above the $3,200 resistance zone. The price is trading above $3,175 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $3,150 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its increase toward $3,320 or even $3,450 in the near term. Ethereum Price Underperforms Bitcoin Ethereum price remained in a positive zone and extended its increase above the $3,050 resistance. ETH climbed above the $3,200 resistance, but upsides were contained after Bitcoin surged above $55,000. Ether even spiked above $3,250. A new multi-week high is formed near $3,274 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $3,041 swing low to the $3,274 high. There is also a key bullish trend line forming with support at $3,150 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the upward move from the $3,041 swing low to the $3,274 high. Ethereum is now trading above $3,175 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $3,250 level. The first major resistance is near the $3,275 level. The next major resistance is near $3,320, above which the price might gain bullish momentum. Source: ETHUSD on TradingView.com If there is a move above the $3,400 resistance, Ether could even rally toward the $3,450 resistance. Any more gains might call for a test of $3,500. Are Dips Limited In ETH? If Ethereum fails to clear the $3,250 resistance, it could start a downside correction. Initial support on the downside is near the $3,200 level. The first major support is near the $3,150 zone and the trend line, below which Ether might test $3,130. The next key support could be the $3,100 zone. A clear move below the $3,100 support might send the price toward $3,050 or the 100-hourly Simple Moving Average. Any more losses might send the price toward the $2,880 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $3,150 Major Resistance Level – $3,250