Ethereum Price Surges Above $3,000, Approaches $3,250 Resistance
Ethereum price has initiated a significant increase, surpassing the $3,000 resistance and gaining over 10%, now nearing the key barrier at $3,250.
- Ethereum surged above the $2,880 resistance zone.
- Price is trading above $3,000 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $3,120 on the hourly ETH/USD chart (data feed via Kraken).
- The pair may continue to rise if it breaks the $3,250 resistance.
Ethereum Price Regains Momentum
Ethereum began a fresh increase above the $2,750 resistance level. It climbed past the $2,880 and $3,000 resistance levels, entering a positive zone.
The price exceeded $3,120 in recent sessions, reaching a high of $3,249 before experiencing a minor pullback. The price dipped below the 50% Fibonacci retracement level of the upward move from the $3,020 swing low to the $3,249 high.
Bulls remained active near the $3,080 level and the 76.4% Fibonacci retracement level of the upward move from the $3,020 swing low to the $3,249 high. Ethereum is currently trading above $3,120 and the 100-hourly Simple Moving Average. A new bullish trend line with support at $3,120 is also forming on the hourly chart.
On the upside, the price faces resistance around the $3,200 level, with major resistance at $3,250. A significant resistance level is forming near $3,300, and a clear break above this could lead to a rise toward the $3,350 resistance.
An upward breach above the $3,420 resistance might indicate further gains ahead, potentially leading Ether toward the $3,500 resistance zone.
Are Dips Supported In ETH?
If Ethereum cannot clear the $3,250 resistance, a downside correction may occur. Initial support is near the $3,150 level, with major support located around $3,120 and the trend line.
A movement below the $3,120 support could push the price toward $3,080, with further losses possibly targeting the $3,050 support level. The next key support is 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: $3,120
Major Resistance Level: $3,250