Ethereum Price Primed To Hit $3.5K After Bitcoin Rallies Past $60K

Ethereum price climbed to a new multi-month high above $3,300. ETH is consolidating while Bitcoin is gaining pace above the $60,000 resistance. Ethereum extended its increase above the $3,300 resistance zone. The price is trading above $3,250 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $3,320 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its increase toward $3,420 or even $3,500 in the near term. Ethereum Price Underperforms Bitcoin Ethereum price started another steady increase from the $3,150 support zone. ETH cleared the $3,220 and $3,250 resistance levels to move further into a positive zone. However, Bitcoin performed better and rallied significantly above the $58,000 resistance. It surged over 10% and even cleared the $60,000 level. Ether also managed to pump above $3,300. A new multi-week high is formed near $3,368 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward wave from the $3,206 swing low to the $3,368 high. There is also a connecting bullish trend line forming with support at $3,320 on the hourly chart of ETH/USD. Ethereum is now trading above $3,250 and the 100-hourly Simple Moving Average. Immediate resistance on the upside is near the $3,365 level. The first major resistance is near the $3,420 level…..

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Author: Aayush Jindal