As a seasoned crypto investor with several years of experience in the market, I’ve seen my fair share of price movements in Ethereum (ETH). And let me tell you, the recent surge above the $3,120 resistance zone has been nothing short of impressive.
Ethereum‘s price continues to rise and has surpassed the $3,120 barrier. It’s possible that Ethereum will attempt to break through the resistance at $3,200 next.
- Ethereum is slowly moving higher above the $3,080 level.
The price is trading above $3,080 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $3,070 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rise steadily if there is a close above the $3,200 resistance zone.
Ethereum Price Outperforms Bitcoin
As a researcher studying the cryptocurrency market trends, I’ve observed Ethereum’s price surpassing key resistance levels. It first breached the $3,050 threshold and continued climbing, reaching past $3,150. Remarkably, ETH even managed to spike above the significant resistance of $3,200, outperforming Bitcoin in its upward momentum.
The resistance zone at $3,220 was put to the test as the price peaked at $3,213. Subsequently, there’s been a pullback in gains, with a minor dip below $3,150. The 50% Fibonacci retracement level of the rally from the $2,894 swing low to the $3,213 high was also touched by the price.
The price of Ethereum currently exceeds $3,080 and the 100-hour moving average. Additionally, a bullish trendline is emerging on the hourly chart for ETH/USD, providing support at around $3,070.
The price of Ether is encountering some resistance around the $3,140 mark. The first significant barrier to further growth lies at approximately $3,200. Overcoming this hurdle could lead Ether to challenge the resistance at $3,320.
If we reach the upcoming resistance at around $3,440, surpassing this level could lead the price to climb further towards the $3,550 resistance area within the approaching period.
Are Dips Supported In ETH?
If Ethereum is unable to surpass the $3,140 resistance, there’s a risk it may initiate another drop. The initial support can be found around $3,070 and the trendline. The significant support lies in the vicinity of $3,000, which includes the 61.8% Fibonacci retracement level derived from Ethereum’s price action between its swing low at $2,894 and its high at $3,213.
Dropping below the $3,000 mark with clarity could potentially cause the price to slide down to around $2,970. Should the declines continue, the price may be drawn towards the nearby support of $2,895. The significant support level lies at $2,820 in the short term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,070
Major Resistance Level – $3,200
Read More
Sorry. No data so far.
2024-07-12 06:22