As a seasoned crypto investor with a knack for spotting trends and riding the waves of market volatility, I’ve seen my fair share of bull runs and bear markets. The recent surge in Ethereum price has caught my attention, and it looks like ETH is ready to test some significant resistance levels.
The Ethereum price has begun a new upward trend, surpassing the $3,220 level. Ethereum is currently climbing and targeting further growth beyond the $3,350 resistance point.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
The cost of Ethereum held steady above $3,000, mimicking Bitcoin‘s rise, with momentum building for it to surpass the resistance levels of $3,150 and $3,220.
As an analyst, I observed a significant surge in price that propelled it beyond the $3,300 threshold, marking a gain of over 10%. The price peaked at $3,387 before consolidating. Notably, this consolidation is taking place above the 23.6% Fibonacci retracement level derived from the recent price movement between the $3,036 swing low and the $3,387 high.
Currently, Ethereum’s price is surpassing $3,220 and its 100-hour Simple Moving Average, yet it appears to encounter obstacles as it approaches the $3,350 mark. Furthermore, a temporary triangle pattern with resistance at $3,360 is emerging on the hourly ETH/USD chart, suggesting potential resistance ahead.
Initially, a significant barrier to further growth is expected around $3,385. Currently, another significant barrier is developing at approximately $3,420. If the price manages to surpass this barrier at $3,420, it may push the value higher towards the resistance at $3,550. Overcoming the $3,550 resistance could lead to further gains in future trading sessions. Under these circumstances, Ether might move upwards toward the resistance zone of $3,650 or potentially reach $3,880.
Another Decline In ETH?
If Ethereum doesn’t manage to break through the $3,350 barrier, there might be a renewed drop. A potential initial floor could form around $3,300. The primary significant support is anticipated close to the $3,250 region.
A drop below the $3,250 mark could potentially drive the price down towards the $3,220 point or the halfway mark of the recent price range from $3,036 to $3,387. Further losses might lead to a fall towards the $3,150 support level in the immediate future. The next significant support is expected at $3,050.
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 – $3,250
Major Resistance Level – $3,385
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2024-11-22 06:40