The Potential of Ethereum Price Movement Towards Key Resistance Levels

The Potential of Ethereum Price Movement Towards Key Resistance Levels

Ethereum’s price has been showing signs of a potential bullish momentum, as it is currently trading above the $3,050 level and the 100-hourly Simple Moving Average. The recent break above a short-term bullish flag with resistance near $3,090 on the hourly chart of ETH/USD signals a positive trend. Moreover, the pair even spiked above the $3,110 resistance, outperforming Bitcoin, and tested the $3,150 resistance zone.

The immediate resistance for Ethereum is near the $3,120 level, with the first major hurdle located at $3,150. If the price manages to close above $3,220, it could potentially reach the $3,320 resistance level. Further upside breaks above $3,400 and $3,500 resistance zones may also be expected in the coming days. On the downside, initial support is near $3,080, followed by a major support zone near $3,020. A clear move below $3,020 could lead to a downward push towards $2,955 and even $2,880 in the near term.

The Hourly MACD for ETH/USD is currently showing signs of losing momentum in the bullish zone. Similarly, the Hourly RSI has crossed above the 50 zone, indicating a potential shift in momentum.

Ethereum’s price movement is showing promising signs of bullish momentum towards key resistance levels. However, the cryptocurrency market is known for its volatility, and any failure to clear the $3,150 resistance could lead to a downward trend. Traders and investors should closely monitor the price action and key support levels to make informed decisions in the current market scenario.

Analysis

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