The Ethereum price has initiated a new uptrend surpassing the $3,250 level. Ethereum is maintaining its gains and could potentially push higher, targeting a further rise beyond the $3,480 mark.
- Ethereum started a decent recovery wave above the $3,240 zone.
- The price is trading above $3,300 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $3,400 resistance level.
Ethereum Price Stays Above The Key Support
As a researcher, I’ve observed an encouraging uptrend in Ethereum’s price surpassing the $3,240 threshold. However, its progression relative to Bitcoin seems somewhat restrained. Remarkably, ETH managed to breach the resistance levels at $3,300 and $3,320, propelling it into a temporarily favorable zone.
Initially, the duo soared beyond the $3,350 and $3,400 thresholds, eventually touching the $3,480 region. A peak was established at $3,473, and more recently, the value has retreated slightly from its gains. There was a dip beneath the 23.6% Fibonacci retracement line of the upward trend that started from the $2,912 trough to the $3,473 peak.
Currently, Ethereum’s price is surging over $3,280 and is higher than its 100-hour moving average. It has once more climbed above $3,300. On the hourly chart of ETH/USD, there was a break above a bearish trend line with resistance at $3,320. In simpler terms, Ethereum’s price is increasing and is now trading above $3,300 and its 100-hour moving average. Additionally, it has broken through a bearish trend line with resistance at $3,320 on the hourly chart.
From a positive perspective, it appears that the price may be encountering obstacles around the $3,400 mark. The initial significant barrier is anticipated near $3,420, followed by a larger one forming at approximately $3,480. If the price manages to surpass the $3,480 resistance, it could potentially push toward the $3,550 level, which serves as another potential hurdle.
If Ether manages to surge past its current resistance at around $3,550, it might indicate further increases over the next trading periods. In such a scenario, Ether could potentially reach the $3,650 resistance level or even climb higher towards $3,720 in the short term.
Downside Correction In ETH?
If Ethereum doesn’t manage to surpass the $3,400 barrier, it may initiate another drop. The first potential support is around $3,280. The primary support can be found either at the $3,200 level or the 50% Fibonacci retracement point of the upward movement from the $2,912 low to the $3,473 high.
As a researcher, I’m suggesting that if the price falls below the $3,200 support, it could potentially drop towards the $3,120 support. Continued losses might cause the price to trend toward the $3,050 support level in the immediate future. The crucial next support is located 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 – $3,280
Major Resistance Level – $3,400
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2025-01-17 06:41