Ethereum Price Rises Above $3,120 Resistance Level
Ethereum price initiated an increase above the $3,120 resistance. ETH shows positive signs but is not matching Bitcoin’s momentum.
- Ethereum began rising above the $3,000 resistance zone.
- The price trades above $3,120 and the 100-hourly Simple Moving Average.
- A key bullish trend line is forming with support at $3,230 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may continue to rise if it surpasses the $3,350 resistance.
Ethereum Price Eyes Steady Increase
Ethereum price increased above the $2,880 resistance level, similar to Bitcoin. It climbed above the $3,000 and $3,120 resistance levels, entering a positive zone.
It surged past the $3,250 mark in recent sessions, recording over a 5% gain. A high of $3,390 was reached before a minor pullback occurred. The price moved below the 23.6% Fib retracement level from the $3,080 swing low to the $3,390 high.
Currently, Ethereum trades above $3,220 and the 100-hourly Simple Moving Average. A key bullish trend line with support at $3,230 is forming on the hourly chart. This trend line is near the 50% Fib retracement level of the upward wave from the $3,080 swing low to the $3,390 high.
On the upside, resistance is encountered near $3,350, with major resistance at $3,390 and the main resistance forming near $3,420. A clear move above $3,420 could propel the price toward the $3,550 resistance.
An upside break above $3,550 might lead to further gains, potentially targeting the $3,680 resistance zone.
Are Dips Limited In ETH?
If Ethereum does not clear the $3,350 resistance, a downside correction may occur. Initial support is near $3,280, with first major support at $3,250 and the trend line.
A significant drop below $3,250 could push prices toward $3,150, with further losses possibly leading to the $3,080 support level. The next key support stands at $3,000.
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: $3,250
Major Resistance Level: $3,350