ETH gained traction and could soon rise above the USD 3400 price level as it broadened its move against the US dollar. So let’s read more today in our latest Ethereum news.
ETH price is showing positive signs and could cross the $ 3,400 mark as ETH hits a fresh spike above these resistance levels. The price is trading above $ 3,250 and the 100 hour simple moving average, and there was also a break above the major bearish trendline with resistance near $ 3,240 on the pair’s hourly chart. The pair could accelerate higher if there is a break above these levels. Ethereum stayed above the $ 3,000 support zone, similar to BTC near $ 45,000, and ETH formed a base above the $ 3,050 and started a new spike.
Source ETHUSD on TradingView.com
There was a break above the USD 3200 and USD 3250 resistance levels, but there was also a break above the major bearish trendline with resistance at USD 3240 on the pair’s hourly chart. The pair is now trading above the $ 3,250 and 100 hour simple moving average. It traded above $ 3,300 and is testing the 1,236 Fib expansion level from falling from the high of $ 3,312 to the low of $ 3,131. On the flip side, initial resistance is near the $ 3355 level.
If ETH fails to keep rising above these levels, there could be another downward correction. Immediate support is on the downside near the $ 3,000 mark. The main support is forming near the $ 3250 zone and a broken trend line. A break below this support zone could push the price to the simple 100 hour moving average and the next big support could be at $ 3,200, below which the bears could retest $ 3,120 in the near term. The hourly MACD for the pair is picking up pace in the bullish territory while the main support level is at $ 3,250.
Total Cryptocurrency Market Cap Over $ 2 Trillion Source Total Cryptocurrency Market Cap on TradingView.com
As reported recently, the Ethereum developers have made a change to the network that burns gas charges instead of passing them on to the miners. $ 221 million worth of ETH, or 70,000 ETH, has already been burned since the change. The network has been on fire since the EIP-1559 update went into effect, so the total amount of burned coins removed from circulation on the network exceeded 71,000 ETH, or $ 221.5 million. The upgrade that paid for transactions on the network, like swapping a coin on a decentralized exchange or transferring an NFT and EIP-1559, was one of five upgrades introduced on August 5th as part of the London Hard Fork.
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