Ethereum Climbs Over $3,000; Poised for Bullish Acceleration Beyond $3,110 Resistance

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A newfound stability rises within the volatile realm of cryptocurrency, with Ethereum price poised for a promising recovery. The decentralized platform is expected to gain bullish momentum provided it surges past the robust resistance of $3,110.

As Ethereum gradually ascends beyond the $3,000 level, it’s trading above this mark, consistently maintaining pace with the 100-hour simple moving average. This fluctuation hints at either a short-term declining channel or the formation of a bullish flag with resistance looming nearly at $3,080. This fluctuation is observed on the ETH/USD exchange chart, providing near live data via the Kraken exchange platform. If Ethereum manages a clear transition above the $3,110 resistance, it’s likely to experience a bullish acceleration.

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Due to an unshakeable resilience, Ethereum’s price managed to remain afloat above the support zone of $2,880. It commenced an upward journey, eclipsing the resistance of $2,950, quite resembling Bitcoin’s recent journey. It surged past the $3,050 barrier before encountering the voracious bears of the market.

The duo locked horns around the $3,120 resistance zone, pushing Ethereum to a formidable high of $3,110. The holdout now sees the cryptocurrency consolidating its gains, despite a minor drop below the $3,080 mark. Such developments translate to a small decline below the 23.6% Fibonacci retracement level, mapping the upward trajectory from the $2,895 swing low to the ambitious $3,110 high.

Now, Ethereum sets its trading tide above the $3,000 mark and the 100-hour simple moving average. The resistance waits at $3,080, forming a short-term declining channel or a bullish flag. The first significant resistance lurks near the $3,110 level. The following hurdle looms at the $3,150 mark. A successful breach of the $3,150 mark could significantly propel Ether towards the $3,220 resistance, with the next formidable barrier standing tall at $3,320. A decisive breakthrough past the $3,320 resistance has the potential to hoist the price towards the $3,500 resistance zone.

In the occurrence of Ethereum’s unsuccessful attempt to surpass the $3,110 resistance, it could tumble, triggering another decline. The initial support on this downward slide is expected near $3,020. The first significant support aligns itself near the $2,975 vicinity and at the 61.8% Fibonacci retracement level from the $2,895 swing low to the towering $3,110 high. Any further losses could push the price spiralling towards the $2,920 mark and potentially even nosedive towards the $2,820 mark in the foreseeable future.

A glimpse at some key technical indicators provides a clear picture of the current state of affairs. The hourly MACD for ETH/USD is somewhat tapering its momentum within the bullish zone. Meanwhile, the hourly RSI for ETH/USD stands proudly above the median 50 zone. The battleground is set with a support level of $2,975, and resistance bravely holds at $3,110.