Ethereum has initiated a slight upward trajectory, moving beyond the $3,120 level. The digital asset is currently positioned above $3,200, buoyed by its trading above the 100-hour Simple Moving Average. Nevertheless, Ethereum faces resistance in the vicinity of $3,240, where it may encounter difficulty in launching a sustained increase.
Starting its recovery from a low point, Ethereum successfully surpassed several resistance levels, settling in a more favorable trading range. The asset moved past the critical levels of $3,080 and $3,120, indicating a positive shift in momentum. This upward movement cleared the halfway point of the retracement from the prior spike at $3,334 down to a low of $2,920. However, seller activity remains pronounced around the $3,220 and $3,240 levels, forming a short-term triangle pattern that denotes the ongoing resistance.
Currently, Ether’s price remains just above $3,200, but challenges are seen near the $3,230 level, coinciding with the 76.4% Fibonacci retracement from the previous decline. Should Ethereum manage to break through the $3,240 resistance, it would then aim for the next significant hurdle at $3,330. A breakthrough here could suggest a bullish movement towards $3,450, and further gains could lead to testing the $3,500 or even $3,550 resistance levels in the near future.
Conversely, if Ethereum is unable to breach the $3,240 resistance, a decline could ensue. Immediate support can be found around the $3,180 level, with substantial support lying at $3,120. A drop below this crucial support could propel Ethereum toward the $3,050 level, and further decline might see it reaching down to $3,020 or even $2,920.
