As a seasoned financial analyst with extensive experience in the cryptocurrency market, I have closely observed Ethereum’s price action over the past few days. After a period of consolidation, Ethereum has finally managed to break above the crucial resistance at $3,250 and has shown signs of continued upward momentum.
Ethereum‘s price has significantly risen beyond the $3,250 threshold, reaching past $3,300. In the short term, Ethereum is poised for further gains.
- Ethereum is gaining pace above the $3,250 level.
The price is trading above $3,250 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $3,270 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise above the $3,320 and $3,350 resistance levels.
Ethereum Price Regains Strength
The price of Ethereum began a consistent upward trend surpassing the $3,150 barrier. In fact, ETH managed to rise above the $3,250 threshold, signaling a positive shift in its market position. Ultimately, Ethereum surpassed the $3,300 resistance level, mirroring Bitcoin‘s upward trend.
The price reached a resistance at $3,250 and formed a peak at $3,339. Currently, it’s taking a pause in its advance. The bulls have been showing strength above the 23.6% Fibonacci retracement level, which is situated at around $3,184, following the price increase from the $3,084 low to the $3,339 high.
As a crypto investor, I’m observing that Ethereum has surpassed the $3,280 mark and the 100-hour Simple Moving Average. Additionally, there’s a developing uptrend line on the hourly ETH/USD chart, which serves as a support level at around $3,270.
Based on my extensive experience as a seasoned market analyst, I see some promising signs for Ether’s price action. Currently, there is notable resistance forming near the $3,340 mark. This level has proven to be a significant barrier in the past, and it may continue to hold strong.
Moving forward, the significant barrier for the price lies around $3,550. Overcoming this hurdle could potentially propel the asset’s value further upwards, approaching the $3,650 resistance area in the near future.
Are Dips Supported In ETH?
As a researcher studying Ethereum’s price action, if it fails to surpass the $3,340 resistance level, we could witness a corrective downturn. The initial supports on the downside lie around $3,270 and the trendline. The first substantial support can be found in the vicinity of the $3,220 zone.
As a crypto investor, if the price of my cryptocurrency clearly drops below the $3,220 support level, I can expect it to continue its downward trend towards the $3,200 mark or even the 50% Fibonacci retracement level of our previous upward move from the $3,084 swing low to the $3,339 high. If we incur any further losses, the price could potentially slide down towards the nearby support at $3,150. The crucial support lies at $3,050 in the near future.
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 – $3,270
Major Resistance Level – $3,340
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2024-07-15 07:34