Ethereum has recently initiated an upward trend, surpassing the $3,120 resistance level. The cryptocurrency is trending positively, although it has been struggling to keep pace with Bitcoin ’s strong performance.
Ethereum ’s price move began with a rise above the $2,880 resistance, allowing it to cross both the $3,000 and $3,120 levels. In the latest trading sessions, Ethereum even breached the $3,250 level, reflecting an increase of over 5%. A peak was reached at $3,390 before a brief pullback occurred, which saw prices dip slightly below the 23.6% Fibonacci retracement level based on its recent surge from $3,080 to $3,390.
Currently, Ethereum is trading above $3,220, as well as the 100-hour Simple Moving Average, indicating a potential for continued growth. A bullish trend line is forming with support near the $3,230 level according to the hourly chart. This trend line aligns closely with the 50% Fibonacci retracement level, hinting at a possible point of upward momentum.
However, resistance remains a concern. The immediate resistance level is near $3,350, followed closely by significant resistance at $3,390. Above this, the pivotal resistance is positioned at $3,420. Should Ethereum manage to break through the $3,420 barrier, it could rally towards the $3,550 level and potentially reach as high as $3,680 in subsequent sessions.
Conversely, if Ethereum cannot overcome the $3,350 resistance, it may face a downward correction. Initial support is established around the $3,280 area, with further support at $3,250 due to the bullish trend line. A decline below this support level could lead to a drop towards $3,150, with more significant support located at $3,000.
Technical indicators suggest that there is momentum building for Ethereum ’s price, with the MACD showing bullish tendencies and the RSI remaining above the neutral zone.
