Ethereum’s price has embarked on a significant upward trajectory, breaking past the $3,000 resistance level. This surge has seen Ethereum climb over 10%, now nearing the crucial $3,250 barrier.
The cryptocurrency initially overcame the $2,880 resistance zone, which set the stage for its current bullish movement. With Ethereum now trading above the $3,000 mark and maintaining its position above the 100-hourly Simple Moving Average, the market sentiment appears favorable.
A key development in this bullish momentum is the formation of a new trend line, which provides support around the $3,120 level on the hourly chart of ETH/USD. In recent sessions, Ethereum advanced beyond the $3,120 mark, even briefly touching $3,249 before experiencing a minor pullback. The price dipped below the 50% Fibonacci retracement level, tracing the upward move from a $3,020 low to the $3,249 high.
Despite this slight retraction, the bulls remained active around the $3,080 level, effectively defending the 76.4% Fibonacci retracement level of the same upward trajectory. As a result, Ethereum is now trading above $3,120 and the 100-hourly Simple Moving Average, solidifying its bullish stance with support at $3,120.
Looking ahead, Ethereum faces resistance near the $3,200 mark, with the primary obstacle situated at $3,250. Overcoming this barrier could set the stage for a rise toward the $3,300 resistance. A decisive move beyond $3,300 might propel Ethereum further, targeting the $3,350 resistance. An even more significant breakthrough above $3,420 could herald further gains, possibly pushing the price towards the $3,500 zone.
However, if Ethereum struggles to clear the $3,250 resistance, a downside correction could ensue. Initial support in this scenario lies around the $3,150 level, with a more substantial support zone near $3,120 and the trend line. A clear drop below $3,120 may drive the price toward $3,080, with additional losses potentially pushing Ethereum down to the $3,050 support level. The next critical support level is at $3,000.
Technical indicators underscore the bullish trend: the hourly MACD for ETH/USD is gaining momentum, and the hourly RSI is positioned above the 50 zone. These indicators, along with the major support at $3,120 and the significant resistance at $3,250, will be crucial for Ethereum’s price movement in the near term.
