The price of Ethereum is facing challenges below the $3,500 resistance level, while Bitcoin is experiencing gains. Ethereum is currently consolidating above $3,150 and may be gearing up for a potential breakout to the upside.
- Ethereum struggled to close above the $3,400 and $3,450 marks.
- Currently, the price is trading above $3,300 and the 100-hourly Simple Moving Average.
- A significant contracting triangle is forming with resistance at $3,355 on the hourly chart of ETH/USD (data feed via Kraken).
- If the pair can surpass the $3,400 resistance level, it may indicate a new upward trend.
Ethereum Price Poised for Significant Upside Movement
Ethereum’s price initiated a notable upward trajectory from the $3,200 level; however, the gains were limited compared to Bitcoin. ETH managed to break the $3,250 resistance, entering a short-term bullish zone.
The bulls successfully pushed the price above the $3,300 resistance zone. Additionally, there was a clear breach above the 50% Fibonacci retracement level of the previous downward move from the $3,445 swing high to the $3,203 low. Despite these advancements, bearish pressure remains beneath $3,400.
At present, Ethereum’s price is above $3,300 and the 100-hourly Simple Moving Average. Resistance is evident around the $3,350 level and the 61.8% Fibonacci retracement level, posing challenges for further price movement.
A crucial contracting triangle with resistance at $3,355 is taking shape on the hourly ETH/USD chart. The primary resistance levels are expected near $3,400 and $3,445.
A decisive breach above the $3,445 resistance could propel the price towards $3,550. Further upside beyond $3,550 may signal more substantial gains in the upcoming sessions, potentially targeting the $3,650 and $3,720 resistance zones in the short run.
Potential Decline in Ethereum Price
If Ethereum fails to break above the $3,400 resistance level, a downward trend could emerge. Initial support is anticipated around $3,300, followed by significant support near $3,250.
A clear drop below the $3,250 support might lead to a decline towards $3,200. Further losses could push the price to the $3,120 support level in the near future, with the next critical support positioned at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is showing signs of weakening bullish momentum.
Hourly RSI – The RSI for ETH/USD is currently above the 50 threshold.
Major Support Level – $3,200
Major Resistance Level – $3,400
