As a seasoned analyst with years of experience in the crypto market, I see Ethereum’s current consolidation phase as a strategic pause rather than a sign of impending doom. The $3,220 hurdle may be formidable, but it’s not insurmountable.
Ethereum‘s price has entered a period of stabilization around the $3,000 mark. Gradually, it appears to be climbing higher, potentially targeting another significant increase beyond $3,220.
- Ethereum is consolidating and facing hurdles near $3,220.
- The price is trading above $3,150 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $3,130 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $3,220 resistance zone.
Ethereum Price Faces Hurdles
The price of Ethereum held steady above the $3,000 mark, much like Bitcoin, mirroring its stability. Subsequently, Ethereum established a strong foundation from which it has surged past the resistance levels at $3,120 and $3,150.
On the hourly chart for ETH/USD, we observed a break above a significant bearish trend line with resistance at approximately $3,130. The pair then surged beyond the $3,200 mark and touched $3,220 before reaching a peak of $3,224. However, a retracement followed shortly after, causing the price to drop below the 23.6% Fibonacci retracement level from the $3,051 swing low to the $3,224 high.
Currently, the cost of Ethereum is being traded higher than $3,150 and also above its 100-hour moving average. As for potential advancements, it appears that the price may encounter resistance close to $3,200.
Initially, a significant obstacle lies at approximately $3,220. Currently, a significant barrier is being built up around $3,250. If the price manages to surpass this $3,250 barrier, it may push further upwards towards the $3,320 resistance. Overcoming the $3,320 resistance could potentially lead to more growth in future sessions. Under these circumstances, Ethereum might move closer to the potential resistance at $3,450.
Another Drop In ETH?
If Ethereum doesn’t manage to surpass the $3,220 barrier, there might be a renewed drop in its price. A potential floor for this decline could be around $3,140 or the 50% Fibonacci retracement point of the upward journey from the $3,051 low to the $3,224 high. The primary significant support lies approximately at the $3,050 level.
If the price drops significantly below the $3,050 resistance, it could potentially fall to around $3,000. Further declines might indicate a drop towards the nearby support at $2,940. The significant support level that follows is situated at approximately $2,880.
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 – $3,140
Major Resistance Level – $3,220
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2024-11-19 06:40