The price of Ethereum is climbing upwards past the barrier of $3,120. If Ethereum manages to surpass the $3,280 mark, it may initiate a new surge.
- 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
The cost of Ethereum established a foundation above the $2,850 threshold and initiated a rebound, similar to Bitcoin. Ethereum surmounted several significant obstacles around $3,000, allowing it to move into a favorable position.
On the hourly chart of ETH/USD, the two bearish trend lines with resistance at $3,070 and $3,150 were breached. The pair moved past the 50% mark of the downward price correction from its peak at $3,278 to its low at $2,867.
The price of Ethereum currently exceeds $3,120 and lies above its 100-hour moving average. Additionally, it is holding steady above the 76.4% Fibonacci retracement mark in the wake of the price drop from the peak of $3,278 to the low of $2,867. The next resistance point can be found around $3,200.
A significant obstacle to further price increase lies around $3,250. Beyond this point, at approximately $3,280, there’s another crucial resistance level. Overcoming this barrier could allow the price to pick up momentum and potentially reach $3,350.
Reaching past the $3,350 barrier might push Ethereum prices up towards the $3,420 marker. Should Ethereum surmount the $3,420 threshold, it could potentially advance further to hit the $3,550 resistance. If Ethereum continues to perform well, it may even approach the significant resistance at $3,880 in the near future.
Another Decline In ETH?
If Ethereum is unable to surpass the $3,250 mark, there’s a risk of another price drop. A preliminary floor can be found around $3,150. The initial robust support lies in the vicinity of $3,120 and the 100-hour SMA.
If the price falls significantly below $3,120, this could trigger increased selling and potentially cause the price to drop further, approaching the $3,020 mark. Further declines may lead the price towards the nearby support level of $2,965.
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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2024-04-22 07:34