🚀 Ethereum Soars Past $3,400: Bullish Rally Defies Market Gravity

Ethereum just punched through a major resistance level—traders are scrambling as ETH smashes the $3,400 barrier like it's made of wet tissue paper.

The fuel behind the rally: Institutional money? Retail FOMO? Either way, the charts don't lie—this isn't your 2021 meme-driven pump.

Why it matters: While Bitcoin maximalists nap on their cold wallets, ETH's proving smart contracts still rule the crypto roost. (Take that, Wall Street's 'blockchain not Bitcoin' crowd.)

Cynical footnote: Meanwhile, traditional finance bros are still trying to short ETH with their 2019 playbooks—good luck with that.

Ethereum Price Extends Gains Above $3,300

Ethereum price started a fresh increase above the $3,000 zone, outperforming Bitcoin. ETH price gained pace for a move above the $3,050 resistance zone and entered a positive zone.

The bulls even pumped the price above $3,250. Finally, it tested the $3,420 zone. A high was formed at $3,423 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward MOVE from the $2,935 swing low to the $3,423 high.

Ethereum price is now trading above $3,300 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,300 on the hourly chart of ETH/USD.

On the upside, the price could face resistance NEAR the $3,350 level. The next key resistance is near the $3,400 level. The first major resistance is near the $3,420 level. A clear move above the $3,420 resistance might send the price toward the $3,500 resistance.

An upside break above the $3,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,650 in the near term.

Are Downsides Supported In ETH?

If ethereum fails to clear the $3,420 resistance, it could start a downside correction. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,220 zone.

A clear move below the $3,220 support might push the price toward the $3,180 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,020.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,300

Major Resistance Level – $3,420