The price of Ethereum has maintained its gains above the $3,120 resistance level. There’s potential for ETH to experience a rally in the near future if it manages to surpass the $3,280 resistance zone.
Ethereum has continued its upward movement beyond the $3,220 resistance level, with the price trading above $3,165 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD from Kraken, a significant bullish trend line is forming with support at $3,170. The pair might see further upward momentum if it manages to break above the $3,280 resistance zone.
Ethereum Price Analysis: Upside Potential and Key Levels
Ethereum’s price has maintained a positive trajectory above the $3,000 mark, mirroring Bitcoin’s performance. ETH saw further gains, surpassing resistance levels at $3,150, $3,165, and even spiking above $3,250.
The cryptocurrency reached a new weekly high at $3,263 before experiencing a minor correction. It briefly dipped below the $3,220 level and the 50% Fibonacci retracement level of the recent upward wave from $3,154 to $3,263.
However, bullish activity emerged above the $3,200 level, with the 61.8% Fibonacci retracement level acting as a support. Ethereum is currently trading above $3,200 and the 100-hourly Simple Moving Average, with a key bullish trend line forming at $3,170 on the ETH/USD hourly chart.
Source: ETHUSD on TradingView.com
Immediate resistance is anticipated near the $3,250 level, followed by a major barrier at $3,280. The next significant resistance level lies at $3,350, above which Ethereum could gain momentum towards $3,500.
A breakthrough above $3,500 could pave the way for Ethereum to test the $3,550 resistance, potentially leading to a push towards $3,750. Beyond this point, Ether may target the $3,880 resistance zone in the days ahead.
Ethereum Price Analysis: Potential Downside Scenarios
If Ethereum fails to surpass the $3,280 resistance level, a downside correction may be imminent. Initial support is expected near the $3,200 level, with the first major support zone around $3,180 and the accompanying trend line.
Key Support and Potential Pressure Points
The primary support level stands near $3,120. A decisive move below this support could intensify selling pressure, potentially driving the price towards $3,030. Further losses might lead Ethereum towards the $2,850 level in the near term.
- Hourly MACD: The MACD indicator for ETH/USD is showing signs of gaining momentum in the bullish zone.
- Hourly RSI: The RSI indicator for ETH/USD is currently above the 50 level, suggesting positive momentum.
Major support is identified at $3,120, while significant resistance remains at $3,280. These levels are crucial in determining Ethereum’s short-term price trajectory.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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