Ethereum price is moving higher above the $3,120 resistance zone. ETH could start a fresh rally if it clears 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-hourly Simple Moving Average.
- There was a break above two connecting bearish trend lines with resistance at $3,070 and $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it closes above the $3,250 zone.
Ethereum Price Regains Strength
Ethereum price formed a base above the $2,850 level and started a recovery wave, like Bitcoin. ETH cleared a few key hurdles near $3,000 to enter a positive zone.
There was a break above two connecting bearish trend lines with resistance at $3,070 and $3,150 on the hourly chart of ETH/USD. The pair surpassed the 50% Fib retracement level of the downward move from the $3,278 swing high to the $2,867 low.
Ethereum is now trading above $3,120 and the 100-hourly Simple Moving Average. It is also consolidating above the 76.4% Fib retracement level of the downward move 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 key resistance sits at $3,280, above which the price might gain traction and rise toward the $3,350 level.
Source: ETHUSD on TradingView.com
A close above the $3,350 resistance could send the price toward the $3,420 pivot level. If there is a move above the $3,420 resistance, Ethereum could even climb toward the $3,550 resistance. Any more gains could send Ether toward the $3,880 resistance zone in the coming days.
Another Decline In ETH?
If Ethereum fails to clear the $3,250 resistance, it could start another decline. Initial support on the downside is near the $3,150 level. The first major support is near the $3,120 zone and the 100-hourly Simple Moving Average.
A clear move below the $3,120 support might increase selling pressure and send the price toward $3,020. Any more losses might send the price toward the $2,965 level in the near term.
Technical Indicators
Hourly MACD – 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.
Major Support Level – $3,150
Major Resistance Level – $3,280
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Author: Aayush Jindal
