Ethereum has recently demonstrated a significant upward momentum, transcending the crucial $3,000 resistance mark. With a notable rise exceeding 10%, Ethereum is now on the brink of testing another vital resistance at $3,250. This analysis delves into the recent price movement and potential future trajectories for Ethereum.
Key Highlights
- Ethereum initiated a fresh surge beyond the $2,880 resistance threshold.
- The cryptocurrency is currently trading above $3,000, surpassing the 100-hourly Simple Moving Average.
- A new bullish trend line is emerging, providing support at $3,120 on the hourly ETH/USD chart (data sourced from Kraken).
- The pair may continue to ascend if it successfully breaches the $3,250 resistance.
Ethereum Price Regains Momentum
In a manner akin to Bitcoin, Ethereum’s price embarked on a fresh upward trajectory, surpassing the $2,750 resistance. It effectively broke through the $2,880 and $3,000 resistance barriers, propelling itself into a distinctly positive zone.
The price momentum didn’t halt there; Ethereum also surged past the $3,120 level during recent trading sessions. Currently experiencing an upward trend exceeding 10%, it briefly touched a high of $3,249 before encountering a minor pullback. This adjustment followed a dip below the 50% Fibonacci retracement level, calculated from the upward movement between the $3,020 low and the $3,249 high.
Despite the pullback, the bulls maintained their stance near the $3,080 level, aligning with the 76.4% Fibonacci retracement level of the same upward swing. Presently, Ethereum is trading above $3,120 and remains above the 100-hourly Simple Moving Average. A new bullish trend line is crystallizing, offering support at $3,120 on the hourly ETH/USD chart.
On the upside, Ethereum is encountering resistance near the $3,200 mark. The initial significant resistance is positioned around $3,250, with a more substantial barrier forming near $3,300. A decisive move above $3,300 could propel Ethereum prices to test the $3,350 resistance level.
Prospects for Further Gains
Should Ethereum manage to break through the $3,420 resistance, it may pave the way for additional gains in forthcoming sessions. In this scenario, Ether could advance toward the $3,500 resistance zone, marking a significant milestone in its price journey.
Are Dips Supported in ETH?
If Ethereum struggles to surpass the $3,250 resistance, a potential downside correction may ensue. Initial support on the downside is situated near the $3,150 level, with the primary support zone resting around $3,120, in line with the trend line.
A clear breach below the $3,120 support might trigger a decline toward $3,080. Further declines could see the price testing the $3,050 support level in the near term. The subsequent critical support stands at $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now positioned above the 50 mark, indicating a bullish sentiment.
Major Support Level – $3,120
Major Resistance Level – $3,250
