Ethereum Price Maintains Strength at $3,250: Upside Ahead?

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As a seasoned crypto investor with a knack for spotting trends and reading market signals, I can confidently say that Ethereum’s current price movement is looking quite promising. The fact that it has managed to hold above the crucial $3,220 support and is now aiming for a move above the $3,400 resistance is a positive sign.

The cost of Ethereum stayed stable above the $3,220 level, indicating consolidation. It could potentially push past the $3,400 resistance point.

  • Ethereum started a fresh increase from the $3,250 support zone.
  • The price is trading above $3,350 and the 100-hourly Simple Moving Average.
  • There was a break above a connecting bearish trend line with resistance at $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if it clears the $3,400 resistance zone.

Ethereum Price Remains Stable and Eyes More Upsides

The price of Ethereum held steady above $3,200 and subsequently began to climb, while Bitcoin experienced a pullback in its gains. Currently, Ethereum is holding strong above $3,250 as it continues to rise.

The price of ETH climbed past the resistance levels at $3,300 and $3,350, surpassing a significant Fibonacci retracement level (23.6%) from its high at $3,545 to its low at $3,254. Additionally, it broke through an upward-sloping trendline offering resistance at $3,320 on the hourly ETH/USD chart, suggesting a potential change in the bearish trend.

Currently, Ethereum’s price is trading above $3,350 and higher than its 100-hour moving average. As it attempts to rise further, it appears there are obstacles around the $3,400 mark. This level is not far from the 50% Fibonacci retracement level of the drop from the peak at $3,545 down to $3,254.

Initially, a significant obstacle is found around the $3,450 mark. Currently, a significant hurdle is developing near $3,500. Overcoming this $3,500 barrier could potentially push the price towards another resistance at $3,550. Clearing the $3,550 barrier might indicate further growth in the upcoming periods. If these conditions hold true, Ether may advance towards the $3,680 or even $3,750 resistance levels.

Downsides Limited In ETH?

Should Ethereum not surpass the $3,400 barrier, there’s a possibility of a further drop. A potential floor in this scenario might be around $3,300. The significant support level is anticipated to be found approximately at $3,250.

Moving below the $3,250 resistance could potentially drive the price down to around $3,150. If the decline continues, it may reach the nearby $3,050 support. The significant support level lies at $3,000 in the short 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 zone.

Major Support Level – $3,250

Major Resistance Level – $3,400

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2024-11-27 06:22