ethereum price is gaining pace above the $3,120 resistance zone. eth could continue to rise unless there is a daily close below the $3,030 level.
- ethereum extended its rise above the $3,150 resistance zone.
- The price is trading above $3,150 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support at $3,160 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could continue to rise unless the bears push it below the $3,030 zone.
ethereum Price Extends Rising
ethereum price started a recovery wave and was able to overcome the $3,000 resistance, like bitcoin. eth even broke through the $3,050 and $3,120 resistance levels to move into a positive zone.
It traded at a new weekly high of $3,234 and is currently consolidating gains. There was a small drop below the $3,200 level. Ether fell below the 23.6% Fibonacci retracement level of the recent rise from the low of $3,120 to the high of $3,234.
ethereum is now trading above $3,150 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $3,160 on the hourly chart of eth/USD. The trend line is near the 61.8% Fibonacci retracement level of the recent rise from the low of $3,120 to the high of $3,234.
The immediate resistance is near the $3,210 level. The first major resistance is near the $3,235 level. The next key resistance lies at $3,280, above which the price could gain traction and rise towards the $3,350 level.
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Fountain: ETHUSD on TradingView.com
A close above the $3,350 resistance could send the price towards the $3,500 resistance. If there is a move above the $3,500 resistance, ethereum could even test the $3,550 resistance. Any further gains could send Ether towards the $3,720 resistance zone in the coming days.
Downward correction in eth?
If ethereum fails to overcome the $3,235 resistance, it could start a downward correction. Initial support on the downside is near the $3,175 level. The first major support is near the $3,160 zone and the trend line.
The main support is near the $3,150 level and the 100 hourly simple moving average. A clear move below the $3,150 support could increase selling pressure and send the price towards $3,030. Any further losses could send the price towards the $2,850 level in the near term.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 level.
Main Support Level: $3,150
Main Resistance Level: $3235
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