ETH Gained Traction And Could Rally Higher Above $3400

ETH Gained traction and could soon rally higher above the $3400 price level as it extended its movement against the US dollar so let’s read more in our latest Ethereum news today.

The ETH price is showing positive signs and it could surpass $3400 as ETH gained traction to a new increase above these resistance levels. The price is trading above $3250 and the 100 hourly simple moving average and there was also a break above the key bearish trend line with the resistance close to $3240 on the hourly chart of the pair. The pair could accelerate higher If there’s a break above these levels. Ethereum remained above the $3000 support zone similar to BTC near $45000 and ETH formed a base above the $3050 and it started a new increase.

There was a break above the $3200 and the $3250 resistance levels but there was also a break above the key bearish trend line with resistance at $3240 on the hourly chart of the pair. The pair is now trading above the $3250 and the 100 hourly simple moving average. It traded above $3300 and it is testing the 1.236 fib extension level from the drop of the $3312 high to $3131 low. On the upside, the initial resistance is close to the $3355 level.

If ETH fails to continue higher above these levels, it could start a new downside correction. The immediate support is on the downside near the $3000 level. The key support is forming near the $3250 zone and a broken trend line. A downside break below this support zone could push the price to the 100 hourly simple moving average and the next major support could be set at $3200 below which the bears could retest $3120 in the near term. The hourly MACD for the pair is gaining pace in the bullish zone while the major support level is set at $3250.

As recently reported, Ethereum developers implemented a change to the network which burns gas fees rather than handling them to the miners. $221 million worth of ETH or 70K ETH has already been burned since teh change. The network has been on fire since the transaction fee-burning update as the EIP-1559 came into effect so the total amount of coins burned removed from teh network’s circulation, topped 71,000 ETH or $221.5 million. The upgrade that had been used to pay for transactions on the network like swapping a coin on a decentralized exchange or transferring an NFT and EIP-1559 was one of the five upgrades introduced as a part of the London hard fork on August 5.