Ethereum Price Consolidates Above $3,150 with Resistance at $3,220
Ethereum price entered a consolidation phase near the $3,000 level. ETH is gradually rising and may target a surge above $3,220.
- Ethereum is consolidating with resistance near $3,220.
- The price is trading above $3,150 and the 100-hourly Simple Moving Average.
- A break occurred above a key bearish trend line at $3,130 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could initiate a fresh increase if it surpasses the $3,220 resistance zone.
Ethereum Price Faces Hurdles
Ethereum price remains supported above $3,000, similar to Bitcoin. ETH established a base and moved beyond the $3,120 and $3,150 resistance levels.
A break above a bearish trend line at $3,130 occurred on the hourly chart of ETH/USD. The price cleared $3,200 and tested $3,220, reaching a high of $3,224 before pulling back. It dipped below the 23.6% Fib retracement level of the upward move from the $3,051 swing low to the $3,224 high.
Currently, Ethereum trades above $3,150 and the 100-hourly Simple Moving Average, facing hurdles near the $3,200 mark.
The first significant resistance is at $3,220, with main resistance forming near $3,250. A clear move above $3,250 might drive the price toward $3,320, potentially leading to gains toward the $3,450 resistance zone.
Potential Drop in ETH
If Ethereum struggles to clear the $3,220 resistance, it may experience another decline. Initial support is around $3,140 or the 50% Fib retracement level of the upward move from the $3,051 swing low to the $3,224 high. Major support is near $3,050.
A drop below $3,050 could push the price toward $3,000, with further losses potentially targeting the $2,940 support level. The next key support is at $2,880.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is above the 50 zone.
Major Support Level: $3,140
Major Resistance Level: $3,220