Ethereum Price Climbs Above $3,120, Chasing Bitcoin’s Momentum
Ethereum (ETH) has embarked on a fresh upward climb, breaking above the $3,120 resistance level. While showing positive signs, ETH is struggling to keep pace with the momentum driving Bitcoin (BTC).
The price of ETH is currently trading above $3,120, surpassing the 100-hourly Simple Moving Average. A key bullish trend line has emerged, providing support at $3,230 on the hourly chart of ETH/USD. A decisive break above the $3,350 resistance could fuel further upward movement.
Ethereum Price Eyes Steady Growth
Ethereum’s recent price surge mirrors Bitcoin’s gains, breaking above the $2,880 resistance. ETH successfully climbed above the $3,000 and $3,120 levels, pushing into positive territory. It even surged beyond $3,250 in the past few sessions, registering an over 5% increase. A high of $3,390 was reached before a minor pullback occurred. This pullback dipped below the 23.6% Fibonacci retracement level of the upward wave from the $3,080 swing low to the $3,390 high.
Ethereum is now trading above $3,220, maintaining its position above the 100-hourly Simple Moving Average. The key bullish trend line, providing support at $3,230, aligns closely with the 50% Fibonacci retracement level of the upward wave between $3,080 and $3,390.
Obstacles Ahead: Key Resistance Levels
On the upside, Ethereum is facing obstacles near the $3,350 level. The first significant resistance lies at $3,390, while the main resistance zone is currently forming around $3,420. A decisive breakout above the $3,420 resistance could propel ETH towards the $3,550 level.
An upside break above the $3,550 resistance would likely trigger further gains in the coming sessions. In such a scenario, ETH could rise towards the $3,680 resistance zone.
Limited Dips in ETH?
If Ethereum fails to overcome the $3,350 resistance, a downside correction may ensue. Initial support on the downside sits near the $3,280 level. The first major support zone lies around $3,250, coinciding with the trend line. A clear move below the $3,250 support could push the price towards $3,150. Any further losses might send the price towards the $3,080 support level in the near term. The next crucial support lies at $3,000.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining momentum within the bullish zone.
Hourly RSI: The RSI for ETH/USD is currently above the 50 zone.
Key Support and Resistance Levels
Major Support Level: $3,250
Major Resistance Level: $3,350