As a seasoned crypto investor with over a decade of experience under my belt, I have seen the highs and lows of the digital currency market. The recent surge of Ethereum above the $3,220 resistance is a positive sign for the altcoin, as it shows strong buying interest among investors.
The Ethereum price has surged beyond the $3,220 barrier and is currently pausing for breath, encountering obstacles at the $3,450 resistance level.
- Ethereum started a fresh increase above the $3,120 resistance zone.
- The price is trading above $3,150 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3,220 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it remains stable above the $3,150 zone.
Ethereum Price Faces Hurdles
The cost of Ethereum began a new rise surpassing the $3,000 barrier, much like Bitcoin. This digital currency managed to ascend beyond the $3,120 and $3,120 resistance points, propelling it into a more favorable position.
The price climbed beyond $3,350 and reached a fresh monthly peak. A temporary peak formed at $3,443, followed by a small dip. It also dropped below the 23.6% Fibonacci retracement level of the upward trend from the $3,070 low point to the $3,443 high mark.
Currently, Ethereum’s price is surpassing $3,150 and aligning with its 100-hour moving average. Additionally, a rising bullish trend line is emerging, providing support around $3,220 on the hourly chart of ETH/USD. This trend line is approaching the halfway point (50%) of the price increase from the $3,070 low to the $3,443 high.
From a positive perspective, it appears that the price may be encountering obstacles around the $3,320 mark. The first significant barrier lies at approximately $3,400, with the primary resistance emerging near $3,450. A decisive break above the $3,450 barrier could potentially push the price towards the resistance at $3,580.
If the price of Ether surpasses its current resistance at $3,580, it may indicate further growth in upcoming trading periods, potentially pushing the value up to around the $3,650 resistance level.
Downside Correction In ETH?
Should Ethereum struggle to surpass the $3,320 barrier, it might trigger a potential drop in its price. A cushion for such a fall can be found around the $3,250 mark and also at the trend line. The primary support level lies approximately at the $3,150 region.
Moving below the $3,150 resistance could potentially drive the price down to approximately $3,070. Further declines may lead to the $3,000 support level becoming relevant in the short term. The significant support lies at around $2,880.
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 – $3,250
Major Resistance Level – $3,320
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2024-11-13 06:40