Ethereum's price has started a fresh surge from the crucial $3,350 support zone, outperforming Bitcoin and potentially heading toward the $3,650 resistance. The cryptocurrency is gaining momentum from the key $3,365 support zone and is trading above $3,450 and the 100-hourly Simple Moving Average.

The price has broken above a key bearish trend line with resistance near $3,460 on the hourly chart of ETH/USD, forming a double-bottom pattern and gaining pace above the $3,500 resistance. Ethereum's price has remained well-bid above the $3,350 support zone, forming a base and starting a fresh increase after forming a double-bottom pattern near $3,350.

Ethereum is now trading above $3,450 and the 100-hourly Simple Moving Average, showing positive signs for further gains above the $3,535 level. On the upside, the price might face resistance near the $3,580 level or the 76.4% Fib retracement level of the downward move from the $3,650 swing high to the $3,350 low. The first major resistance is near the $3,650 level, and an upside break above this level might send the price higher.

If Ethereum fails to clear the $3,580 resistance, it could start another decline. Initial support on the downside is near $3,500, and the first major support is $3,450. A clear move below the $3,450 support might push the price toward $3,350. Any more losses might send the price toward the $3,220 level in the near term.

Technical Indicators

The MACD for ETH/USD is gaining momentum in the bullish zone, indicating a strong upward trend. The RSI for ETH/USD is now above the 50 zone, suggesting that the price is in an uptrend. Major support levels include $3,450, and major resistance levels include $3,580.