As the Ethereum price continues to climb, it has surpassed the $3,120 resistance zone, indicating a potential for a fresh rally if it manages to clear the $3,280 resistance zone. This positive movement comes after Ethereum formed a base above the $2,850 level and started a recovery wave, similar to Bitcoin’s recent performance.
There have been significant developments in the technical analysis of Ethereum’s price movement. The price is currently trading above $3,100 and the 100-hourly Simple Moving Average, a positive sign for potential further gains. Additionally, there was a break above two connecting bearish trend lines with resistance at $3,070 and $3,150 on the hourly chart of ETH/USD, further boosting the bullish sentiment surrounding Ethereum.
Immediate resistance is seen near the $3,200 level, with the first major resistance at $3,250. The next significant resistance lies at $3,280, and if Ethereum manages to break above this level, it could experience a surge towards the $3,350 mark. A close above the $3,350 resistance could potentially propel the price towards the $3,420 pivot level, with a possible continuation towards the $3,550 and even $3,880 resistance zones.
Should Ethereum fail to clear the $3,250 resistance, a downside correction might be expected. Initial support on the downside is near the $3,150 level, with the first major support located at the $3,120 zone in conjunction with the 100-hourly Simple Moving Average. A breach below this support level could intensify selling pressure and push the price towards $3,020, with further losses potentially leading to a decline towards the $2,965 level in the near term.
The Hourly MACD for ETH/USD is currently gaining momentum in the bullish zone, indicating a positive trend for Ethereum’s price movement. The Hourly RSI is also above the 50 level, further supporting the bullish sentiment surrounding Ethereum.
The future of Ethereum’s price movement appears to be on an upward trajectory, with potential for further gains if key resistance levels are breached. However, investors are advised to conduct their own research before making any investment decisions, as investing in cryptocurrencies carries inherent risks.
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