Ethereum has recently entered a significant upward trajectory, surpassing the $3,000 level and now approaching the important resistance level at $3,250. The digital asset has experienced a noteworthy rise of over 10%, indicating a solid recovery in market sentiment.
The journey began with Ethereum breaking through the resistance around $2,880, and it quickly climbed past the $3,000 level, gaining further momentum. The price has successfully established itself above the $3,120 level, which represents both a psychological and technical support point on the hourly chart. This development is further emphasized by the formation of a bullish trend line that underpins its current price action.
While Ethereum stretches its reach, it has encountered obstacles near the $3,200 level, with $3,250 presenting the next significant hurdle. Should Ethereum manage to break through this resistance, it could pave the way for a rally towards the $3,300 level. A successful move above $3,300 may unlock further upward potential, potentially escalating towards $3,350 and beyond, with the $3,420 resistance noted as a critical target for additional gains.
Conversely, if Ethereum fails to overcome the $3,250 resistance, the market may experience a correction. Key support levels are currently observed at $3,150 and $3,120, with the latter being essential to maintain an upward trajectory. A drop below this support could trigger a decline towards $3,080, and any further weakening could lead the price down to $3,050 and the crucial $3,000 level.
Technical indicators suggest a positive outlook, with the MACD gaining strength in the bullish territory and the RSI reflecting upward momentum. Overall, Ethereum ’s price action remains closely tied to its ability to navigate key resistance levels as traders watch for further developments.
