As an experienced analyst, I believe Ethereum’s price action is showing signs of a potential bullish trend. The recent break above the $3,080 resistance zone and the formation of a bullish flag are positive indicators for ETH investors. However, it is important to note that a close above the significant resistance level at $3,150 is needed to confirm a bullish trend.
As a crypto investor, I’ve noticed Ethereum‘s price trending upward and currently attempting to break through the resistance level at $3,080. If we manage to secure a bullish close above $3,150, Ethereum could experience significant price growth.
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Ethereum is slowly moving higher above the $3,050 level.
The price is trading above $3,050 and the 100-hourly Simple Moving Average.
There was a break above a short-term bullish flag with resistance near $3,090 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could gain bullish momentum if there is a close above the $3,150 resistance zone.
Ethereum Price Could Extend Gains Above $3,150
As a researcher studying the Ethereum market, I’ve observed that the price has bounced back, surpassing the $3,000 resistance level and reaching new heights above $3,050. This breakthrough was marked by a bullish flag formation on the hourly chart of Ethereum against the US Dollar, which had a resistance point around $3,090.
The duo surpassed the $3,110 barrier, surpassing Bitcoin‘s performance. They reached as high as $3,149, encountering resistance at the $3,150 mark. A peak was achieved, and currently, prices are stabilizing after a gain. There was a slight dip below $3,120. The market explored the 23.6% Fibonacci retracement threshold of the price surge from the $2,895 trough to the $3,149 peak.
Currently, Ethereum surpasses $3,050 and the 100-hour moving average on the chart. Looking ahead, the price encounters resistance around the $3,120 mark.
As an analyst, I’ve identified two significant levels of resistance for Ether’s price movement. The initial barrier lies around $3,150. Overcoming this resistance could pave the way for further gains. The next obstacle appears at approximately $3,220. A successful break above this level may propel Ether towards the $3,320 resistance. Subsequently, a breach above the $3,400 resistance could potentially push the price higher, targeting the resistance zone around $3,500 in the near future.
Another Decline In ETH?
Should Ethereum be unable to surpass the $3,150 resistance point, there’s a risk it may initiate another drop. The initial floor can be found around $3,080. The primary support lies in the vicinity of $3,020 and encompasses both the 50% Fibonacci retracement mark and the upward trend from the $2,895 trough to the $3,149 peak.
If the price falls decisively beneath the $3,020 mark of support, it could potentially lead to a drop towards $2,955. Further declines might cause the price to head towards the nearby support at $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 above the 50 zone.
Major Support Level – $3,020
Major Resistance Level – $3,150
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2024-07-11 06:40