Since the end of July, the ETH/USD pair has been showing active growth. In less than a month, the ETH/USD pair managed to rise above $2000 and $3000. At the time of publication, the ETH/USD pair is trading around $3250. Thus, in less than a month, the price of Ethereum increased by 91%. And it looks like the bullish rally will continue as the price has overcome the important resistance level of $3200.
The first attempt to overcome the resistance level of $3200 on August 8 was unsuccessful. Bears activated above $3150 and were able to push the price down to $3000. But today the bulls are showing active growth.
ETH is trading well above its 100-hour simple moving average, forming an uptrend supporting the price around $3250. Now the closest resistance level for the ETH/USD pair is around $3300. If successful, the price of ETH will rise to $3350. The next key resistance could be around the $3500 level.
If the bulls fail to pass the resistance level of $3300 on the first try, we will see a bearish price correction towards the area of $3200. If the bulls fail to stop the price at this level, we will see a move towards the immediate support near the level of $3120.