Ethereum’s price has shown a robust upward movement, surpassing the $3,220 resistance level. Currently, it’s consolidating and encountering challenges near the $3,450 resistance.
Ethereum has ignited a fresh rally, breaking through the $3,120 resistance zone. The cryptocurrency is trading above $3,150, comfortably hovering above the 100-hourly Simple Moving Average. A connecting bullish trend line has emerged, providing support at the $3,220 mark on the hourly ETH/USD chart. If Ethereum remains stable above the $3,150 zone, the pair could sustain its rise.
Ethereum’s positive momentum mirrors that of Bitcoin as the price initiated a fresh increase above the $3,000 resistance. ETH climbed higher, breaching both the $3,120 and $3,220 resistance levels, moving into a favorable trading zone. It even surged above the $3,350 level, reaching a new monthly high at $3,443 before encountering a minor retreat. The price dipped below the 23.6% Fib retracement level, calculated from the $3,070 swing low to the $3,443 peak.
Currently, Ethereum is trading above $3,150 and the 100-hourly Simple Moving Average. The trend line close to the 50% Fib retracement level from the $3,070 low to the $3,443 high acts as a support pillar. On the upside, the price is grappling with resistance around the $3,320 level. The initial significant resistance lies near $3,400, with a primary resistance forming near $3,450. A definitive move above the $3,450 mark could propel the price towards the $3,580 resistance.
An upward breakout past the $3,580 resistance could signal further gains in subsequent trading sessions, potentially driving Ether towards the $3,650 resistance zone.
If Ethereum cannot break past the $3,320 resistance, it may undergo a downside correction. Immediate support on the downside is found near the $3,250 level and the trend line, with the first significant support around the $3,150 zone. A pronounced move below the $3,150 support could push the price towards $3,070. Further declines might drive the price to the $3,000 support level shortly. The next critical support looms at $2,880.
Hourly technical indicators reveal that the MACD for ETH/USD is losing momentum within the bullish region, while the RSI for ETH/USD has dropped below the 50 zone. The major support level is identified at $3,250, with the major resistance level pegged at $3,320.
