Ethereum Price Holds Above $3,250 as It Eyes $3,400 Resistance
Ethereum price remains above the $3,220 zone, consolidating with potential to exceed the $3,400 resistance.
- Ethereum initiated an increase from the $3,250 support zone.
- The price is trading above $3,350 and the 100-hour Simple Moving Average.
- A break occurred above a bearish trend line at $3,320 on the ETH/USD hourly chart (data feed via Kraken).
- The pair may gain bullish momentum if it surpasses the $3,400 resistance level.
Ethereum Price Stability and Potential Upsides
Ethereum price is stable above $3,200, experiencing gains while Bitcoin corrected. ETH is currently rising above $3,250.
The price exceeded the $3,300 and $3,350 resistance levels and surpassed the 23.6% Fib retracement of the drop from $3,545 to $3,254. A break above the bearish trend line at $3,320 was also observed.
Currently, Ethereum trades above $3,350 and the 100-hourly Simple Moving Average. Resistance near $3,400 poses challenges, close to the 50% Fib retracement level from the earlier decline.
Major resistance is identified near $3,450, with primary resistance forming at $3,500. A clear move above $3,500 could lead to prices approaching $3,550. Further gains might drive Ether towards $3,680 or even $3,750.
Potential Downsides for ETH
If Ethereum does not clear the $3,400 resistance, a decline may occur. Initial support is at the $3,300 level, with major support near $3,250.
A significant drop below $3,250 could push the price toward $3,150, with further losses potentially reaching $3,050. The next key support level is at $3,000.
Technical Indicators
Hourly MACD: The MACD for ETH/USD shows increasing momentum in the bullish zone.
Hourly RSI: The RSI for ETH/USD is currently above 50.
Major Support Level: $3,250
Major Resistance Level: $3,400