The Ethereum market is currently in a consolidation phase around the $3,000 mark. As Ethereum gradually climbs higher, there is potential for a new breakout above the $3,220 threshold.
- Ethereum is consolidating and encountering obstacles near the $3,220 level.
- The current trading price is above $3,150, supported by the 100-hourly Simple Moving Average.
- There has been a breach above a significant bearish trend line, with resistance noted at $3,130 on the hourly ETH/USD chart (data source: Kraken).
- The pair could initiate a fresh upward trend if it successfully surpasses the $3,220 resistance zone.
Ethereum Price Faces Hurdles
Ethereum has maintained its position above the $3,000 support level, similar to Bitcoin. The cryptocurrency established a base and recently ascended beyond the resistance levels of $3,120 and $3,150. This upward movement included a breach of a notable bearish trend line with resistance at $3,130 on the hourly chart for ETH/USD. The pair has even surpassed the $3,200 level, reaching a peak at $3,224 before experiencing a slight pullback. During this pullback, the price dipped below the 23.6% Fibonacci retracement level of the upward trend, which spanned from the $3,051 swing low to the $3,224 high.
Currently, Ethereum is trading above $3,150 and remains supported by the 100-hourly Simple Moving Average. However, on the upside, the price is encountering obstacles around the $3,200 level.
The first significant resistance is positioned near the $3,220 mark. The primary resistance is now shaping up near $3,250. Should the price make a decisive move above the $3,250 resistance, it could potentially surge towards the $3,320 resistance level. An upward breach beyond the $3,320 resistance might signal further gains in upcoming trading sessions. In such a scenario, Ether could rise towards the $3,450 resistance zone, representing a new phase of bullish momentum.
Another Drop In ETH?
If Ethereum struggles to clear the $3,220 resistance, it might experience another decline. The initial support on the downside is situated near the $3,140 level or the 50% Fibonacci retracement level derived from the upward movement between the $3,051 swing low and the $3,224 high. The first major support is located near the $3,050 zone.
A definitive move below the $3,050 support level might drive the price down towards the $3,000 mark. Should the price continue to drop, it could approach the $2,940 support level in the near term, with the subsequent key support zone positioned at $2,880.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining momentum within the bullish zone, indicating potential upward movement.
Hourly RSI: The RSI for ETH/USD is now situated above the 50 mark, reflecting a neutral to bullish sentiment.
Major Support Level: $3,140
Major Resistance Level: $3,220
