Ethereum started a steady increase above $3,250 and $3,300 against the US Dollar. ETH price is now struggling to gain strength above $3,400 and $3,450. Ethereum started a downside correction after it faced sellers near the $3,500 zone. The price is now trading above $3,200 and the 100 hourly simple moving average. There was a break above a declining channel with resistance near $3,380 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it remains stable above the $3,275 support. Ethereum Price Gains Pace Ethereum gained strength for a move above the $3,200 level. ETH even climbed above the $3,300 level and the 100 hourly simple moving average. However, the price failed near the $3,500 zone. A high was formed near $3,489 before there was a downside correction, similar to bitcoin. The price corrected lower below the $3,350 support level. However, the bulls were active near the $3,275 level and the 100 hourly simple moving average. A low was formed near $3,275 and the price started a fresh increase. There was a break above the $3,350 resistance level. Ether climbed above the 50% Fib retracement level of the downward move from the $3,489 swing high to $3,275 low. There was also a break above a declining channel with resistance near $3,380 on the hourly chart of ETH/USD. It is now consolidating near the $3,380 zone. Source: ETHUSD on TradingView.com An immediate resistance on the upside i...
