Ethereum’s price witnessed a resurgence, breaking past the $3,120 resistance mark and signaling positive trends. However, the cryptocurrency is currently grappling to match Bitcoin’s formidable momentum.
The price action started with Ethereum breaching the $3,000 resistance zone, quickly surpassing the $3,120 mark and staying above the 100-hourly Simple Moving Average. A key bullish trend line with support at $3,230 is forming on the hourly chart of ETH/USD, indicating potential stability. During the past few sessions, Ethereum surged past the $3,250 level, achieving a high of $3,390 before experiencing a minor setback. The pullback saw a dip below the 23.6% Fibonacci retracement level of the upward movement from the $3,080 swing low to the $3,390 high.
Currently, Ethereum is trading comfortably above $3,220 and the 100-hourly Simple Moving Average. Critical support is evident at the $3,230 level, aligning closely with the 50% Fibonacci retracement level from the $3,080 swing low to the $3,390 high. On the upside, Ethereum faces significant resistance around the $3,350 mark, with the first major obstacle at $3,390 and main resistance solidifying near $3,420. A decisive move above the $3,420 level could potentially propel the price towards $3,550.
Should an upside break occur past the $3,550 resistance, Ethereum might see further gains, with potential targets near the $3,680 resistance zone. Conversely, failure to surpass the $3,350 resistance might trigger a downside correction. Initial support on the downside is around $3,280, with major support firmly in place near the $3,250 zone and the trend line. A clear decline below $3,250 could push the price towards $3,150, and further losses could drive it down to the $3,080 support level. The next critical support sits at $3,000.
Technical analysis indicates that the hourly MACD for ETH/USD is gaining traction in the bullish zone, and the hourly RSI for ETH/USD is currently above the 50 mark, reinforcing the bullish momentum. Major support is identified at $3,250, with resistance pegged at $3,350.
