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Ethereum (ETH) has made a stunning comeback, outperforming Bitcoin in a significant blowout run. The price of ETH has surged past the $3,250 mark, and it is now faced with a crucial resistance level at $3,465.
The sharp surge seen in ETH’s price comes as a major surprise to many, considering the recent market trends. In the last few days, ETH saw an impressive climb above the $2,750 resistance zone, gaining momentum to break past the $2,880 and $3,000 levels. Furthermore, it has surpassed the 61.8% Fib retracement level of the downward move from the $4,107 swing high to the $1,384 low.
The price of ETH is now showing positive signs above the $3,200 mark and the 50-day simple moving average. The past two days have seen a substantial 10% gain by Ethereum, outpacing Bitcoin’s performance in this time frame.
ETH’s current trajectory suggests that it may attempt further gains if bulls remain active. A successful breach of the $3,465 resistance could propel ETH towards a more significant move, with immediate resistance looming at the $3,500 level. If the upward momentum continues, the next major resistance would likely be found near the $3,880 mark.
However, failure to clear this key resistance may lead to a downward correction. The initial support on the downside is situated near the $3,320 mark, while the primary support sits at $3,250. A close below this level could potentially trigger a larger retracement in ETH’s price, leading it towards the $2,750 support zone.
Source: coinchapter.com
