Ethereum has experienced a consistent upward trend, with the price surpassing key levels such as $3,120 and $3,150. Currently trading above $3,200 and supported by the 100-hourly Simple Moving Average, ETH indicates ongoing bullish momentum. A short-term support line has been established around $3,185, and the formation of a bullish trend line suggests continued upward potential. If prices can break through the resistance zone near $3,250, there is a possibility for further gains.
Following an initial rally from the $3,050 zone, Ethereum ’s price surged past the $3,120 and $3,150 resistances, reaching a peak of approximately $3,264 before consolidating. The recent retracement saw the price dip slightly below the 23.6% Fibonacci retracement level of the recent rally, but support at the $3,200 level remains intact. As long as the bulls defend the support around $3,150, the outlook remains optimistic for another upward move. Immediate resistance levels are identified at $3,240 and $3,250, with stronger resistance near $3,265. A decisive break above $3,265 could target the $3,350 level, and if momentum persists, ETH could challenge the $3,450 to $3,500 zone in the near term.
Conversely, failure to breach the $3,250 resistance could trigger a correction. Initial support is seen near $3,200, aligning with the 50% Fibonacci retracement level, followed by broader support around $3,185 and the established trend line. A significant decline below $3,185 might push the price toward $3,120, and further losses could see it retest or fall below $3,050.
Technical indicators suggest waning bullish momentum, with the MACD approaching a less aggressive stance and the RSI holding above the 50 level. Overall, Ethereum remains in a positive momentum phase, but traders should watch for potential reversals if resistance levels hold or if support levels are breached.
