ETH price could resume increase if it stays above the $3,250 support: ethereum

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Have you heard that ETH extended its increase above the $3,400 resistance zone? ETH even climbed above the $3,450 resistance and formed a high near the $3,482 level.

So, what’s the deal? Recently, there was a downside correction below $3,400. The price even fell below $3,350 but stayed over $3,320. It is also trading above the $3,300 mark and the 100-hour simple moving average. On the hourly chart of ETH/USD, a big bullish trend line is forming with support at $3,250.

A low is formed near $3,335 and ether price is now rising. There was a move above the 23.6% Fib retracement level of the recent decline from the $3,482 high to the $3,335 low.

On the upside, the first resistance level is at $3,410. It is approaching the 50% Fib retracement level of the latest slide from the $3,482 high to the $3,335 low. The next significant resistance is located at $3,450. If there is a clear move above the $3,450 resistance, ether price might begin another ascent.

If ETH does not begin a new upward trend over $3,450, it may begin another downward trend. On the downside, initial support is at $3,350. If the price falls below the $3,250 support zone, it may move towards the $3,100 level.

The only thing that worries me now is the gas fee price. Do you have any opinions on how this will affect gas prices and so on? In any case, I’m staying with Metis.

r/ethereum - ETH price could resume increase if it stays above the $3,250 support

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