Ethereum price has recently shown signs of a decent upward movement from the $3,080 support zone, indicating potential for a climb towards the $3,500 resistance zone. The cryptocurrency has started to recover and is currently trading above $3,250 and the 100-hourly Simple Moving Average. Additionally, there was a significant breakthrough above a key bearish trend line with resistance at $3,280 on the hourly chart of ETH/USD, suggesting a further upward movement if the price remains above the $3,280 support zone.
The recent positive price action has positioned Ethereum to aim for a steady increase towards the $3,500 resistance level. After forming a base above the $3,080 support zone and hitting a low of $3,087, the price has started to rise above the $3,220 resistance level. However, Ethereum has been slower in gaining strength compared to Bitcoin. The cryptocurrency has managed to clear the 50% Fib retracement level of the downward move from the $3,540 swing high to the $3,087 low, and is currently trading above $3,250 and the 100-hourly Simple Moving Average. In case of further upward movement, the price could face resistance around the $3,375 level or the 61.8% Fib retracement level.
Key resistance levels for Ethereum include $3,400 and $3,450, with a potential move towards the $3,500 resistance level upon breaking above the latter. Further resistance lies at $3,550 and $3,720. On the other hand, if Ethereum fails to surpass the $3,400 resistance level, a downside correction might occur, with initial support near $3,280 and major support at the $3,250 zone. A clear decline below $3,180 could push the price towards $3,120 and possibly the $3,080 support level. Technical indicators such as the hourly MACD and RSI are currently showing bullish signals, with $3,250 and $3,400 identified as major support and resistance levels, respectively.
In conclusion, Ethereum’s price is on an upward trajectory, with the potential to test the $3,500 resistance level in the near future. The cryptocurrency has shown positive signs from the $3,150 pivot zone and is currently trading above key levels such as $3,250 and the 100-hourly Simple Moving Average. While there are resistance levels to watch out for, such as $3,400 and $3,450, a break above these levels could propel Ethereum towards higher resistance levels at $3,550 and $3,720. Conversely, failure to surpass key resistance levels could lead to a downside correction, with support levels identified at $3,280, $3,250, and $3,180. Technical indicators are currently favoring a bullish outlook for Ethereum, suggesting a potential for further price increases in the coming days.
