The Current State of Ethereum Price Movement

The Current State of Ethereum Price Movement

Ethereum has witnessed a significant surge in price, breaking above the crucial $3,250 resistance zone. This bullish momentum has propelled ETH past $3,300, indicating a strong potential for further upside movement in the near future. The price action is currently above $3,250 and is supported by the 100-hourly Simple Moving Average. A connecting bullish trend line has also formed with support at $3,270 on the hourly chart of ETH/USD, sourced from Kraken. With these indicators in place, the pair is poised to continue its ascent above the $3,320 and $3,350 resistance levels.

In its journey to higher price levels, Ethereum has experienced a steady increase beyond the $3,150 resistance zone. The cryptocurrency managed to surpass the $3,250 resistance, entering a positive territory. Following this bullish breakout, ETH successfully tested the $3,300 resistance, touching a high of $3,339 before entering a consolidation phase. The presence of active bulls above the 23.6% Fib retracement level signals a strong upward movement from the $3,084 swing low to the recent high. Ethereum is currently trading above $3,280, supported by the 100-hourly Simple Moving Average and the bullish trend line at $3,270.

While Ethereum continues to aim for higher price targets, it faces immediate resistance near the $3,340 level, with further hurdles at $3,350 and $3,420. A decisive breach above $3,420 could propel Ether towards the $3,500 resistance, followed by key levels at $3,550 and $3,650. However, failure to surpass the $3,340 resistance might trigger a downside correction. Initial support is expected near $3,270 and the trend line, followed by a major support zone around $3,220. A breach of $3,220 could result in a downward move towards $3,200 or the 50% Fib retracement level. Further losses may drive the price towards $3,150, with critical support at $3,050.

Hourly MACD for ETH/USD is currently gaining momentum in the bullish zone, reflecting the strength of the ongoing uptrend. Additionally, the hourly RSI is above the 50 zone, highlighting the increasing buying pressure and positive investor sentiment towards Ethereum. These technical indicators, combined with the price action, suggest a favorable outlook for Ethereum in the coming days.

Analysis

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