Despite Bitcoin’s rally, Ethereum is still struggling to break above the $3,500 resistance. Currently, ETH is consolidating around $3,120 with several obstacles in its way.
- Ethereum failed to gather enough momentum to close above $3,450, leading to a correction in its gains.
- The price is currently below both $3,300 and the 100-hourly Simple Moving Average.
- A short-term contracting triangle is taking shape with resistance around $3,370 on the hourly ETH/USD chart (data feed via Kraken).
- If ETH manages to surpass the $3,325 resistance level, it could potentially start a new uptrend.
Ethereum’s Price Movements
Even though Ethereum saw some upward movement above $3,300, it could not match Bitcoin’s surge. ETH’s failure to secure a close above $3,450 resulted in a pullback.
The price dipped below $3,320 and $3,300, hitting a low of $3,203 before stabilizing. It slightly rebounded above $3,240, testing the 23.6% Fibonacci retracement level from the recent high of $3,444 to the low of $3,203.
Currently, Ethereum is trading under $3,300 and the 100-hourly Simple Moving Average with resistance found around $3,260. The major hurdles lie near $3,320 (50% Fib retracement level) and $3,350.
If ETH manages to break above the $3,370 resistance level, it could target $3,450 in the short term based on the formation of a contracting triangle.
If Ethereum surpasses the $3,450 hurdle, it could potentially see further gains towards $3,500 or even $3,550 in the near future.
Potential Losses for Ethereum
Failure to breach the $3,325 resistance might trigger a downtrend for Ethereum. Initial support is seen at $3,200, with a more substantial support level at $3,150.
A clear move below $3,150 could push the price towards $3,120, with further losses potentially leading to the $3,050 support range. The key support level after that is at $3,000.
Technical Indicators:
Hourly MACD: The MACD for ETH/USD is showing a decline in bullish momentum.
Hourly RSI: The RSI for ETH/USD has dropped below the 50 zone.
Major Support Level: $3,200
Major Resistance Level: $3,325
