Ethereum ’s price is currently showing signs of consolidation above the support level of $3,180. For the cryptocurrency to gain further traction, it needs to overcome the resistance level around $3,350.
Following a fresh surge taking off from the $3,180 level, Ethereum has managed to maintain its position above $3,250, supported by the 100-hourly Simple Moving Average. Recent trading patterns indicate a break above a significant bearish trend line, which previously capped the price at around $3,280. If the price remains above the $3,220 support, there is potential for another upward movement.
Ethereum has begun to show an upward momentum, successfully surpassing multiple resistance levels including $3,220 and $3,250. After breaking through the $3,280 barrier, the price briefly tested higher levels, reaching a peak of $3,346 before encountering resistance and subsequently retreating. The price now hovers above $3,250, despite having dipped below key support levels.
However, resistance is notably present around the $3,350 level, with further hurdles anticipated at $3,370 and a primary resistance situated at $3,450. A decisive breach of this $3,450 resistance area could potentially propel Ethereum towards the $3,500 level, paving the way for further gains that may target the $3,550 or even $3,580 in the coming days.
On the flip side, if Ethereum struggles to overcome the $3,350 resistance, it could initiate a downward trend. Immediate support is observed at $3,260, with a more significant support level around $3,220. Should the price fall below these levels, it might navigate towards $3,180 and possibly drop further to $3,120 in the near term, with substantial support lying at $3,050.
Overall, technical indicators show that momentum may be building within a bullish range, indicating that traders should monitor these critical resistance and support levels closely moving forward.
