Ethereum price started a fresh increase from the $3,350 support zone. ETH is outperforming Bitcoin and might rise further toward the $3,650 resistance.
Ethereum is gaining pace from the key $3,365 support zone.
The price is trading above $3,450 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance near $3,460 on the hourly chart of ETH/USD (data feed via Kraken).
The pair formed a double-bottom pattern and gained pace above the $3,500 resistance.
Ethereum Price Holds Key Support
Ethereum price remained well-bid above the $3,350 support zone. ETH formed a base and started a fresh increase after it formed a double-bottom pattern near $3,350, as discussed yesterday.
It outperformed Bitcoin and broke the $3,450 resistance. There was a clear move above the 50% Fib retracement level of the downward move from the $3,650 swing high to the $3,350 low. Besides, there was a break above a key bearish trend line with resistance near
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