Ethereum price continues its upward trend above the $3,120 resistance zone. ETH could rise soon if it breaks out of the $3,280 resistance area.
- Ethereum extended its gains above the $3,220 resistance zone.
- The price is trading above $3,165 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bullish trendline forming around support at $3,170.
- A break above the $3,280 resistance area could see the pair continue to rise.
Ethereum Price Aims Higher
The price of Ethereum, like Bitcoin, remained in the positive area above the $3,000 level. ETH extended its gains above the $3,150 and $3,165 resistance levels. It even surged above the $3,250 resistance level.
It traded at a new weekly high of $3,263 and recently corrected to the downside. It fell slightly below the $3,220 level. Ethereum fell below the 50% Fib retracement level of the recent wave from the $3,154 swing low to the $3,263 high.
However, bulls remained active above the $3,200 level. The 61.8% Fib retracement level from the recent swing low of $3,154 to the high of $3,263 acted as support.
Ethereum is currently trading above $3,200 and the 100-hour simple moving average. Additionally, there is a major bullish trendline on the hourly chart of ETH/USD with support at $3,170. Immediate resistance is near the $3,250 level. The first major resistance is near the $3,280 level.
Source: ETHUSD on TradingView.com
The next major resistance level is $3,350, above which the price may gain traction towards the $3,500 level. A close above the $3,500 resistance line could cause the price to head towards the $3,550 resistance line. Ethereum may test the $3,750 resistance level if there is a move above the $3,550 resistance level. More gains ahead could lead Ethereum towards the $3,880 resistance zone.
ETH falling again?
If Ethereum fails to clear the resistance at $3,280, a downward correction could begin. Initial support for the downside is near the $3,200 level. The first major support is near the $3,180 area and trend line.
Key support is near the $3,120 level. A clear drop below the $3,120 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 gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $3,120
Key Resistance Level – $3,280
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