Ethereum price has initiated a fresh surge, climbing above the $3,120 resistance mark. While the cryptocurrency shows promising signs of an uptrend, it seems to be lagging behind Bitcoin’s momentum.
The latest upward movement began after Ethereum breached the $3,000 resistance zone, achieving a solid trading position above $3,120 and the 100-hourly Simple Moving Average. Notably, a bullish trend line has emerged with support around $3,230 on the ETH/USD hourly chart, signaling potential for continued growth if Ethereum can surpass the $3,350 resistance level.
Earlier, Ethereum managed to ascend past the $2,880 resistance zone, mirroring Bitcoin’s performance. The cryptocurrency successfully overcame the $3,000 and $3,120 resistance levels, propelling it into a positive trading zone. Recently, it even soared above $3,250, recording an increase of over 5% and touching $3,350. A peak was reached at $3,390 before the market saw a slight pullback, falling below the 23.6% Fibonacci retracement level from the swing low of $3,080 to the high at $3,390.
Currently, Ethereum is trading firmly above $3,220, supported by the 100-hourly Simple Moving Average. The key bullish trend line around $3,230 is near the 50% Fibonacci retracement level, providing a robust support mechanism. However, on the upside, Ethereum’s price faces resistance near the $3,350 level, with the first significant barrier at $3,390 and primary resistance forming around $3,420. A decisive break above $3,420 could push the price towards $3,550.
Should Ethereum breach the $3,550 resistance, the cryptocurrency could experience further gains, potentially rising towards the $3,680 resistance zone.
Conversely, if Ethereum fails to clear the $3,350 resistance, it might undergo a downside correction. Initial support on the decline is at $3,280, followed by a more substantial support zone near $3,250, aligned with the trend line. Falling below $3,250 could push Ethereum’s price down to $3,150, with further losses potentially driving it to the $3,080 support level. The next critical support would then be at $3,000.
Technical indicators are showing mixed signals. The MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI stands above the 50 mark, indicating some level of bullish control. Key support and resistance levels are $3,250 and $3,350 respectively, determining the potential for Ethereum’s next move.
