Ethereum has continued its upward trajectory, surpassing the $3,220 resistance level. However, the digital asset is now experiencing consolidation and likewise encountering resistance near $3,450.
The recent price movement began as Ethereum broke through the $3,120 resistance, signaling a renewed bullish trend. Currently, prices are holding above $3,150 and the 100-hour Simple Moving Average, suggesting a stable upward momentum. A bullish trend line is forming, with support calculated at approximately $3,220, indicating a potentially strong foundation for further gains.
Following a robust rise above $3,000 — similar to Bitcoin ’s movements — Ethereum breached several key resistance points, reaching $3,350 and achieving a new monthly high at $3,443 before undergoing a slight pullback. This retracement saw the price dip below the 23.6% Fibonacci retracement level for this recent increase. The altcoin is now trading above $3,150 and appears to be stabilizing, although it faces obstacles around the $3,320 level, with the primary resistance at $3,400 followed closely by the critical $3,450 level. A definitive break past this resistance could push the price towards the $3,580 level, potentially triggering further upward momentum.
Conversely, if Ethereum struggles to surpass the $3,320 barrier, it may initiate a corrective downturn. The first line of defense for downward price action is near $3,250, supported by the trend line. A drop below $3,150 could signal deeper declines, risking a fall to $3,070 and further towards the $3,000 support area, with the next significant support positioned at $2,880.
In terms of technical indicators, the MACD shows signs of diminishing bullish momentum, while the Relative Strength Index (RSI) is now below the neutral 50 level, indicating a potential shift in market dynamics.
