Ethereum price is rising above the $3,120 resistance level. ETH may continue to rise as long as the daily closing price does not fall below the $3,030 level.
- Ethereum extended its gains above the $3,150 resistance zone.
- The price is trading above $3,150 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) has a bullish trendline connected to support at $3,160.
- Unless bears push it below the $3,030 area, the pair may continue to rise.
Ethereum price increase extended
Ethereum price started a recovery wave and was able to clear the $3,000 resistance like Bitcoin. ETH also crossed the resistance levels of $3,050 and $3,120 and entered positive territory.
It traded at a new weekly high of $3,234 and is currently consolidating gains. It fell slightly below the $3,200 level. Ethereum recently fell below the 23.6% Fib retracement level from the $3,120 swing low to the $3,234 high.
Ethereum is currently trading above $3,150 and the 100-hour simple moving average. Additionally, on the hourly chart of ETH/USD, there is a connecting bullish trendline with support at $3,160. The trend line is close to the 61.8% Fib retracement level, which recently increased from the $3,120 swing low to the $3,234 high.
Immediate resistance is near the $3,210 level. The first major resistance is near the $3,235 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 line could cause the price to head towards the $3,500 resistance line. Ethereum may test the $3,550 resistance level if there is a move above the $3,500 resistance level. More gains could lead Ethereum towards the $3,720 resistance zone in the coming days.
Fixing ETH’s shortcomings?
If Ethereum fails to clear the resistance at $3,235, a downward correction could begin. Initial support for the downside is near the $3,175 level. The first major support is near the $3,160 area and trendline.
Key supports are near the $3,150 level and the 100-hourly simple moving average. A clear drop below the $3,150 support could increase selling pressure and push the price towards $3,030. More losses could push the price towards the $2,850 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $3,150
Key Resistance Level – $3,235
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