The price of Ethereum has begun a new surge, breaking through the $3,000 barrier. As a result, Ethereum has gained more than 10%, moving closer to the significant hurdle at $3,250.
- Ethereum started a fresh surge above the $2,880 resistance zone.
- The price is trading above $3,000 and the 100-hourly Simple Moving Average.
- There is a new bullish trend line forming with support at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $3,250 resistance.
Ethereum Price Regains Momentum
The cost of Ethereum began a new surge past the $2,750 barrier, similar to Bitcoin. This upward momentum enabled Ethereum to surpass the $2,880 and $3,000 resistance thresholds, pushing it into an optimistic trading range.
Over the recent trading sessions, it climbed beyond the $3,120 mark and is now more than 10% up, with a notable rise above $3,150. A peak was reached at $3,249 before experiencing a slight dip. Subsequently, there was a fall below the halfway point of the Fibonacci retracement line that stretches from the low swing of $3,020 to the high of $3,249.
As an analyst, I’ve observed that the $3,080 level and the 76.4% Fibonacci retracement level, derived from our upward swing between $3,020 and $3,249, have sparked some bullish activity in Ethereum. Currently, Ethereum is trading above $3,120, a significant mark, and is also supported by the 100-hour Simple Moving Average. Interestingly, a new bullish trendline is forming on the hourly chart of ETH/USD with a strong base at $3,120.
From a positive perspective, it appears that the price may be encountering obstacles around the $3,200 mark. The initial significant barrier is approximately at $3,250, followed by a stronger resistance forming around $3,300. A decisive break above the $3,300 barrier could potentially propel the price towards the next resistance at $3,350.
If Ether manages to surge past its current resistance level at approximately $3,420, it could potentially lead to further increases in the upcoming trading periods, possibly taking it near the $3,500 resistance area.
Are Dips Supported In ETH?
Should Ethereum not surpass the $3,250 barrier, it might trigger a reversal, leading to a possible drop in price. A potential initial floor for this decline can be found around $3,150. The primary support lies roughly at the $3,120 area, encompassing the trend line as well.
As a crypto investor, if the price drops clearly below my $3,120 support, I anticipate it could slide further to around $3,080. If things continue negatively, I see the price potentially dipping towards the next short-term support at $3,050. The crucial support level that I’m keeping a close eye on lies at $3,000.
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 – $3,120
Major Resistance Level – $3,250
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2024-11-11 06:58