ethereum price maintains gains above the $3,120 resistance zone. eth could soon rally if it breaks the $3,280 resistance zone.
- ethereum extended its rise above the $3,220 resistance zone.
- The price is trading above $3,165 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support at $3,170 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue to rise if it breaks the $3,280 resistance zone.
ethereum price points higher
ethereum price remained in a positive zone above the $3,000 level, as did bitcoin. eth extended its rise above the $3,150 and $3,165 resistance levels. It even broke the $3,250 resistance.
It traded at a new weekly high of $3,263 and recently corrected lower. There was a small drop below the $3,220 level. Ether fell below the 50% Fibonacci retracement level of the recent wave from the low of $3,154 to the high of $3,263.
However, the bulls remained active above the $3,200 level. The 61.8% Fib retracement level of the recent wave from the low $3,154 to the high $3,263 acted as support.
ethereum is now trading above $3,200 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $3,170 on the hourly chart of eth/USD. The immediate resistance is near the $3,250 level. The first major resistance is near the $3,280 level.
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Fountain: ETHUSD on TradingView.com
The next key resistance lies at $3,350, above which the price could gain traction and rise towards the $3,500 level. A close above the $3,500 resistance could send the price towards the $3,550 resistance. If there is a move above the $3,550 resistance, ethereum could even test the $3,750 resistance. Any further gains could send Ether towards the $3,880 resistance zone in the coming days.
Another drop in eth?
If ethereum fails to overcome the $3,280 resistance, it could start a downward correction. The initial support on the downside is near the $3,200 level. The first major support is near the $3,180 area and the trend line.
The main support is near the $3,120 level. A clear move below the $3,120 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 gaining momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $3,120
Main Resistance Level: $3280
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