Ethereum has experienced a significant price increase, surpassing the $3,000 resistance mark and gaining over 10%. The cryptocurrency now approaches a key barrier at $3,250.
The crypto market saw Ethereum initiate a fresh surge once it broke through the $2,880 resistance zone. The price continued to climb, moving past the $3,000 level and maintaining its position above the 100-hourly Simple Moving Average. In recent sessions, Ethereum surged even higher, exceeding the $3,120 mark. A peak was noted at $3,249, followed by a minor pullback, which saw the price dip below the 50% Fibonacci retracement level of the upward movement from a $3,020 swing low to the $3,249 high.
Despite this slight setback, bullish activity resumed as buyers supported the price near the $3,080 zone, which aligns with the 76.4% Fibonacci retracement level from the same swing low. Ethereum is now trading comfortably above $3,120, supported by a newly formed bullish trend line on the hourly chart of ETH/USD.
On the upside, Ethereum faces resistance challenges around the $3,200 level, with the first major resistance at $3,250. Another significant barrier forms near the $3,300 mark. Should Ethereum clear this resistance, it could potentially rise toward the $3,350 resistance zone. An even stronger upward move past the $3,420 resistance might signal further gains, pushing Ether towards the $3,500 range.
However, if Ethereum fails to break the $3,250 resistance, a downside correction could ensue. Immediate support is found near the $3,150 level, with more substantial support at the $3,120 zone and the accompanying trend line. A clear drop below this support may drive Ethereum lower to the $3,080 level. Additional losses might bring the price down to the $3,050 support area, with the next critical support at the $3,000 level.
Technical indicators suggest a bullish momentum; the hourly MACD for ETH/USD is gaining momentum in this zone, and the hourly RSI is positioned above the 50 mark. The major support level stands at $3,120, while the major resistance level is identified at $3,250.
