The cryptocurrency market continues to attract significant attention as Ethereum’s price embarks on a fresh upward trajectory. Following a surge beyond the $3,320 mark, Ethereum (ETH) is poised for further gains, potentially breaching the $3,500 resistance level. Here, we delve into the latest developments and technical insights surrounding Ethereum’s price action.
Ethereum’s Recent Price Movement
Ethereum has witnessed renewed buying interest, surpassing the $3,300 and $3,320 thresholds. Currently, the digital asset is trading above these levels, coupled with the 100-hour Simple Moving Average (SMA). A short-term bearish trend line with resistance at approximately $3,350 is evident on the hourly chart of ETH/USD (data sourced via Kraken).
Technical Overview
- Price Surge: Ethereum initiated a robust ascent, moving past the $3,300 and $3,320 levels.
- Current Trading Zone: The price is comfortably positioned above $3,300 alongside the 100-hourly SMA.
- Resistance Point: A short-term bearish trend line presents resistance around the $3,350 mark.
- Potential Bullish Momentum: Clearing the $3,420 resistance zone may catalyze further upward movement.
Ethereum Price Targets Further Gains
Ethereum’s price has shown resilience, maintaining its position above the crucial $3,120 support level, mirroring Bitcoin’s upward trend. This bullish momentum propelled ETH beyond $3,220 and $3,300 resistance points, culminating in a surge above $3,400.
During this upward phase, Ethereum recorded a remarkable 10% gain, reaching as high as $3,499. However, a subsequent downside correction saw a dip below $3,400, with the price briefly testing the $3,280 level. A low was subsequently established at $3,288, and currently, Ethereum is consolidating above the 23.6% Fibonacci retracement level of the recent decline from the $3,499 peak to the $3,288 trough.
Presently, Ethereum is trading above $3,300, supported by the 100-hour SMA. On the upside, resistance looms around the $3,350 level, reinforced by a short-term bearish trend line on the ETH/USD hourly chart.
Key Resistance Levels
The initial significant resistance is positioned near $3,400, with primary resistance forming around $3,420, corresponding to the 61.8% Fibonacci retracement level of the recent decline from the $3,499 high to the $3,288 low. A decisive breakthrough above the $3,420 resistance may pave the way for Ethereum to test the $3,500 resistance.
Should Ethereum succeed in breaking the $3,500 barrier, it might ignite additional gains in subsequent trading sessions. In such a scenario, the price could target the $3,600 resistance zone or potentially reach $3,620.
Possible Downsides for Ethereum
In the event that Ethereum encounters resistance at the $3,350 level and fails to breach it, a downside movement may unfold. The initial support on this downward path is located around $3,320, with the first major support zone positioned near $3,285.
A definitive move below the $3,285 support level could drive the price towards $3,220. Further losses might see Ethereum’s value approach the $3,120 support level in the near term, with the next critical support situated at $3,040.
Technical Indicators
The current technical indicators for Ethereum are as follows:
- Hourly MACD: The MACD for ETH/USD is gaining momentum, indicating a bullish zone.
- Hourly RSI: The RSI for ETH/USD is currently positioned above the 50 zone, suggesting bullish sentiment.
Key Levels to Watch
- Major Support Level: $3,300
- Major Resistance Level: $3,350
