Ethereum price is holding gains above the $3,120 resistance zone. ETH could soon rally if it clears the $3,280 resistance zone.
- Ethereum extended its increase above the $3,220 resistance zone.
- The price is trading above $3,165 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $3,170 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it clears the $3,280 resistance zone.
Ethereum Price Aims Higher
Ethereum price remained in a positive zone above the $3,000 level, like Bitcoin. ETH extended its increase above the $3,150 and $3,165 resistance levels. It even spiked above the $3,250 resistance.
It traded to a new weekly high at $3,263 and recently corrected lower. There was a minor decline below the $3,220 level. Ether dipped below the 50% Fib retracement level of the recent wave from the $3,154 swing low to the $3,263 high.
However, the bulls were active above the $3,200 level. The 61.8% Fib retracement level of the recent wave from the $3,154 swing low to the $3,263 high acted as a support.
Ethereum is now trading above $3,200 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,170 on the hourly chart of ETH/USD. 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 key resistance sits at $3,350, above which the price might gain traction and rise toward the $3,500 level. A close above the $3,500 resistance could send the price toward the $3,550 resistance. If there is a move above the $3,550 resistance, Ethereum could even test the $3,750 resistance. Any more gains could send Ether toward the $3,880 resistance zone in the coming days.
Another Drop In ETH?
If Ethereum fails to clear the $3,280 resistance, it could start a downside correction. Initial support on the downside is near the $3,200 level. The first major support is near the $3,180 zone and the trend line.
The main support is near the $3,120 level. A clear move below the $3,120 support might increase selling pressure and send the price toward $3,030. Any more losses might send the price toward the $2,850 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 – $3,120
Major Resistance Level – $3,280
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Author: Aayush Jindal
