As a crypto investor, I’ve noticed that after a dip, Ethereum‘s price has begun a small rebound, surpassing the $3,120 mark. Currently, ETH is climbing, but it’s encountering some resistance around the $3,240 level.
- Ethereum started a minor recovery wave above the $3,120 zone.
- The price is trading above $3,200 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,240 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could struggle to start a fresh increase above the $3,240 resistance level.
Ethereum Price Aims Higher
The cost of Ethereum began climbing again, surpassing the $3,050 threshold in a manner similar to Bitcoin. Notably, Ethereum successfully overcame hurdles at $3,080 and $3,120, propelling it into an optimistic short-term trajectory.
The cost has surpassed the 50% Fibonacci retracement point in the decline from the peak of $3,334 to the low of $2,920. Yet, sellers appear to be active around the $3,220 and $3,240 mark. Additionally, a temporary contracting pattern known as a triangle is emerging on the hourly ETH/USD chart, with resistance at $3,240.
Currently, Ethereum’s price is slightly above $3,200 and its 100-hour moving average. As it attempts to rise, there appear to be obstacles around $3,230. This level is close to the 76.4% Fibonacci retracement level of the decline from the peak of $3,334 to the low of $2,920. The initial significant resistance can be found near $3,240.
The strongest opposition is currently building up around the $3,330 level. If the price manages to push past this barrier at $3,330, it may propel further toward the potential resistance at $3,450. A surge above the $3,450 resistance could potentially lead to additional gains in the upcoming sessions. Under these circumstances, Ethereum might head towards the resistance zone of $3,500 or even reach $3,550 in the short term.
Another Decline In ETH?
Should Ethereum not surpass the $3,240 barrier, it might initiate another drop. A potential initial floor can be found at around $3,180, and a significant one lies approximately at $3,120.
If the price falls decisively below the $3,120 resistance point, it could potentially drop to the $3,050 support. Further losses may drive the price down towards the nearby $3,020 support level in the short term. The most significant support level is found at $2,920.
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 above the 50 zone.
Major Support Level – $3,120
Major Resistance Level – $3,240
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2025-01-15 06:41