Yesterday, the bulls lacked the strength to push the Ethereum price above $3350. The price was able to overcome the important resistance levels of 3200, 3250 and 3280 dollars. But as it was approaching $3500, the pressure increased and as a result, the bears took over the initiative. Ethereum’s price began to decline, but the bulls were able to stop the decline around $3215. Today the bulls again tried to raise the price above 3350, and they succeeded. The ETH/USD pair managed to reach a daily high of $3444. However, as it is approaching $3500, the pressure increases. At the time of publication, the price showed a pullback. Ethereum is trading at $3425.
Thanks to today’s rally, Ethereum was able to move well above its 100-hour moving average, which now provides support around $3230. However, Ethereum has several supports above this level. In the current situation, the nearest support for the ETH/USD pair is at $3330. Further, the level of 3200 is the key support level, where the 100-hour moving average is also located. In the case of a breakdown of this level, the ETH/USD pair may drop to the area of 3150 dollars.
As the ETH/USD pair has broken upward through the main resistance around 3350, this could be the start of a new bullish rally. In this case, the nearest resistance is around $3500.
