The price of Ethereum is currently stabilizing above the support level of $3,180. For a significant upward movement to occur in the short term, ETH needs to overcome the resistance zone at $3,350.
- Ethereum has initiated a solid upward trend from the support area at $3,180.
- The cryptocurrency is trading above $3,250 and the 100-hour Simple Moving Average.
- It has broken through a major bearish trend line that posed resistance at $3,280 on the hourly ETH/USD chart (data obtained from Kraken).
- The pair could experience further gains if it holds above the support level of $3,220.
Ethereum Price Surpasses Resistance
The price of Ethereum has kicked off a strong upward trajectory from the $3,180 mark, outperforming Bitcoin. ETH successfully broke through the resistance levels of $3,220 and $3,250.
A key bearish trend line’s resistance at $3,280 was breached on the hourly chart of ETH/USD. The pair even surpassed $3,300 and approached $3,350, peaking at $3,346 before beginning a slight decline. The price has fallen below the support levels of $3,320 and $3,300.
This decline led to a drop beneath the 23.6% Fibonacci retracement level, reflecting the upward movement from the $3,181 swing low to the recent high of $3,346. Currently, Ethereum is trading above $3,250 and remains above the 100-hour Simple Moving Average.
On the upside, Ethereum is encountering resistance near the $3,350 level. The next significant resistance is positioned around $3,370, with a stronger resistance area forming close to $3,450.
A decisive move above the resistance at $3,450 could propel the price towards the $3,500 level. If Ethereum breaches the $3,500 resistance, it may pave the way for even greater gains in subsequent sessions, with potential targets at the $3,550 resistance zone or possibly $3,580 in the near future.
Potential for an ETH Decline?
If Ethereum cannot break through the resistance at $3,350, another decline may ensue. The initial support level on the downside is near $3,260, while the primary support is around $3,220.
A clear break below the $3,220 support could trigger a decline towards the $3,180 support level. Additional losses may drag the price down to around $3,120, with the next critical support located at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is displaying increasing bullish momentum.
Hourly RSI – The RSI for ETH/USD is currently positioned above the 50 mark.
Significant Support Level – $3,250
Significant Resistance Level – $3,350
