Ethereum ’s price movement has shown positive momentum, recently surging above the crucial $3,220 level. Currently, it is targeting further gains and aims to break through the resistance level at $3,350.
After establishing a firm base above the $3,000 level, Ethereum has mirrored the upward trend of Bitcoin . It made significant strides past both the $3,150 and $3,220 resistance levels. Following a bullish push, Ethereum price exceeded $3,300, achieving gains over 10% and reaching a high of $3,387. As it consolidates its gains, Ethereum remains above the 23.6% Fibonacci retracement level of its recent climb from a low of $3,036.
The market currently identifies $3,350 as a significant hurdle for further upward movement. In the short term, a contracting triangle pattern is also developing, with resistance forming at $3,360. A breakthrough of the immediate resistance around $3,385 could ignites a rally towards $3,420, which is seen as a critical resistance level. An upward breach of $3,420 may set the stage for potential gains towards the $3,550 level, and even lead to a rise towards $3,650 or $3,880.
Conversely, if Ethereum struggles to push past the $3,350 resistance, it may drop back. Initial support can be found near $3,300, while major support levels sit around $3,250. Should the price fall below the $3,250 level, it may navigate towards $3,220, with further declines potentially exposing the coin to the $3,150 support level and beyond to $3,050.
On the technical front, the indicators show that Ethereum is gaining momentum in a bullish zone. The hourly MACD is indicating growing bullish momentum, while the RSI remains above the neutral 50 level, suggesting ongoing positive trader sentiment.
