Ethereum price is rising above the $3,120 resistance zone. ETH could start a new rally if it passes the $3,280 resistance zone.
- Ethereum is recovering higher and approaching the $3,280 resistance zone.
- The price is trading above $3,100 and the 100-hour simple moving average.
- On the ETH/USD hourly chart (data feed via Kraken), a breakout occurred above two connected bearish trend lines with resistance at $3,070 and $3,150.
- A close above the $3,250 area could provide bullish momentum.
Ethereum price gains strength again
Ethereum price formed a base above the $2,850 level and began a recovery wave like Bitcoin. ETH cleared several key hurdles near $3,000 to enter positive territory.
On the hourly chart of ETH/USD, a breakout occurred connecting two bearish trend lines with resistance at $3,070 and $3,150. The pair broke above the 50% Fib retracement level moving down from the $3,278 swing high to the $2,867 low.
Ethereum is currently trading above $3,120 and the 100-hour simple moving average. It is also consolidating above the 76.4% Fib retracement level, moving downward from the $3,278 swing high to the $2,867 low. Immediate resistance is near the $3,200 level.
The first major resistance is near the $3,250 level. The next major resistance level is $3,280, above which the price may gain traction towards the $3,350 level.
Source: ETHUSD on TradingView.com
A close above the $3,350 resistance could lead the price towards the $3,420 pivot level. Any move above the $3,420 resistance level could push Ethereum towards the $3,550 resistance level. More gains ahead could lead Ethereum towards the $3,880 resistance zone.
Another decline in ETH?
If Ethereum fails to clear the $3,250 resistance, another decline could begin. Initial support for the downside is near the $3,150 level. The first major support lies near the $3,120 area and the 100-hourly simple moving average.
A clear move below the $3,120 support could increase selling pressure and push the price towards $3,020. More losses could push the price towards the $2,965 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $3,150
Key Resistance Level – $3,280
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