Ethereum ’s price has embarked on a notable upward trajectory, surpassing the $3,220 l in recent movements. Currently, the cryptocurrency is consolidating its gains and may be poised for further advances, particularly as it eyes the significant resistance level around $3,270.
After a rise initiated from the $3,020 region, Ethereum demonstrated strength by moving past critical resistance levels at $3,120 and $3,150. The price established itself above both the $3,200 threshold and the 100-hourly Simple Moving Average, following a breach of a key bearish trend line. Encouragingly, Ethereum has also crossed the 50% Fibonacci retracement level from its recent downward pullback, indicating a bullish sentiment taking hold.
Despite this upward momentum, Ethereum currently faces resistance as it approaches the $3,270 and $3,280 levels. Continuing its journey above $3,200, the price encounters challenges around the 61.8% Fibonacci retracement level as it strives for further gains. Initial hurdles appear at $3,330, while a more substantial resistance level is observed near $3,360. A decisive breakthrough above the $3,360 resistance could signal a rally toward the $3,450 level, and possibly even to the $3,550 or $3,650 range in the near future.
Conversely, if Ethereum struggles to overcome the $3,270 resistance, it may experience a pullback. Key support levels are identified at around $3,220 and $3,200, with further declines potentially targeting the $3,120 support level. A move below $3,200 could lead the price down to $3,050, with a crucial support zone at $3,000 standing as a significant marker.
Overall, technical indicators suggest a bullish momentum is gaining strength, with the MACD in a positive range and the Relative Strength Index (RSI) positioned above the midpoint, echoing bullish sentiments for Ethereum in the near term.
