Ethereum price extended its uptrend above the $3,120 resistance level. ETH may soon move above the $3,200 resistance level.
- Ethereum is slowly rising above the $3,080 level.
- The price is trading above $3,080 and the 100 hourly simple moving average.
- According to data provided by Kraken, the ETH/USD hourly chart shows a support line forming at $3,070, forming an uptrend line.
- A close above the $3,200 resistance zone could see the pair continue its upward trend.
Ethereum price is better than Bitcoin
Ethereum price extended the recovery wave above the $3,050 resistance zone. ETH also rose above the $3,150 resistance zone. Finally, it surged above the $3,200 resistance zone, outperforming Bitcoin.
The $3,220 resistance zone was tested. A high was formed at $3,213 and the price is currently correcting the upside. There was a slight decline below $3,150. The price tested the 50% Fibonacci correction level of the upside move from the $2,894 swing low to the $3,213 high.
Ethereum is currently trading above $3,080 and the 100-hourly simple moving average. There is also a support line forming at $3,070 on the hourly chart of ETH/USD, forming a connected bullish trend line.
In the uptrend, the price is facing resistance near the $3,140 level. The first major resistance is near the $3,200 level. The next major obstacle is near the $3,220 level. A close above the $3,220 level could see Ether move towards the $3,320 resistance.
The next major resistance is near $3,440. A break above the $3,440 resistance could push the price towards the $3,550 resistance in the coming days.
Is the price drop supported in ETH?
If Ethereum fails to break the $3,140 resistance, another downtrend could begin. The initial support for the downtrend is near $3,070 and the trend line. The first major support is near the $3,000 zone and the 61.8% Fibonacci correction level of the uptrend from the $2,894 swing low to the $3,213 high.
A clear move below the $3,000 support could see the price rise to $2,970. Further losses could see the price rise to the $2,895 support in the short term. The next major support is $2,820.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 zone.
Key Support Level – $3,070
Key Resistance Level – $3,200