Will Ethereum’s Price Ride the Bullish Wave or Sink Like a 🍌?

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Well, howdy folks! Gather ’round and let me spin you a yarn about Ethereum‘s price that’s been tickin’ up like a prairie fire. ETH has kicked off a new climb, soaring past the $3,220 mark. Now, it’s taking a breather, but don’t you bet your boots it’s not eyeing more gains, aiming high at the $3,270 resistance zone. 🚀

  • Ethereum’s price is moseyin’ on up, leaving the $3,120 zone in its dust.
  • The price is now sittin’ pretty above $3,200 and the 100-hourly Simple Moving Average.
  • There was a break, folks, a mighty one, above a key bearish trend line with resistance at $3,200 on the hourly chart of ETH/USD (data feed via Kraken). 📈
  • Now, if this pair can keep its hooves above the $3,200 level, it might just start another charge.

Ethereum Price: Rarin’ to Go or Ready to Buckle?

Ethereum price, it seems, has started to pick up steam from the $3,020 territory, much like its wild cousin, Bitcoin. ETH managed to leap over the $3,120 and $3,150 resistance levels, galloping into greener pastures.

That bearish trend line, oh boy, it got broken like a bronco at the rodeo. The pair even surpassed the 50% Fib retracement level of the downward move from the $3,427 high-flying peak to the $3,020 low-swing trough.

But hold your horses, the bears are still lurking around the $3,270 and $3,280 resistance levels. Ethereum price is currently tradin’ above $3,200 and the 100-hourly Simple Moving Average.

Now, on the upside, the price is facing some hurdles near the $3,270 level and the 61.8% Fib retracement level of the downward move from the $3,427 high-flying peak to the $3,020 low-swing trough. The first major resistance is near the $3,330 level. The main resistance is now formin’ near $3,360. A clear move above the $3,360 resistance might just send the price toward the $3,450 resistance, faster than you can say “yeehaw!” 🐎

An upside break above the $3,450 resistance might call for more gains in the comin’ sessions. If that happens, Ether could rise toward the $3,550 resistance zone or even $3,650 in the near term. Now, that’d be somethin’ to write home about!

Will ETH Take Another Dive?

But if Ethereum fails to clear the $3,270 resistance, it might just start another tumble. Initial support on the downside is near the $3,220 level. The first major support sits near the $3,200.

A clear move below the $3,200 support might push the price toward the $3,120 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000. So, keep your eyes peeled, folks! 🕵️‍♂️

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gainin’ momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,200

Major Resistance Level – $3,270

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2025-01-31 06:44