Ethereum’s price has begun a new upward move above $3,150 and is currently consolidating, with potential for a clear break above $3,350. After a downward correction from the $3,450 zone, ETH is now trading above $3,200 and the 100-hour Simple Moving Average. A new bullish trend line is forming on the hourly ETH/USD chart, providing support around $3,180. However, if the price falls below $3,150, it could continue to decline.
Ethereum held support above $3,150 and initiated a fresh increase, outperforming Bitcoin. The price gained momentum, breaking above the $3,300 and $3,320 resistance levels and even pushing past $3,400. However, selling pressure emerged below $3,450, with a high formed at $3,448 before a correction set in. The price dipped below $3,250 and briefly fell under the 50% Fibonacci retracement level of the upward move from the $2,914 low to the $3,448 high. Buyers stepped in near $3,150, keeping ETH above $3,200 and the 100-hour Simple Moving Average.
If Ethereum attempts another upward move, it may encounter resistance near $3,290, followed by key levels at $3,320 and $3,350. A clear break above $3,350 could push the price toward $3,400, with further gains potentially targeting $3,450 or even $3,500 in the near term.
On the downside, if Ethereum fails to surpass the $3,320 resistance, it could start a fresh decline. Initial support lies near $3,200, with major support at $3,150. A break below $3,150 might lead to a drop toward $3,040, with further losses possibly testing $3,020 or the key $3,000 support level.
Technical Indicators
– Hourly MACD: Gaining momentum in bullish territory.
– Hourly RSI: Above the 50 level.
– Major Support Level: $3,180
– Major Resistance Level: $3,350
Frequently Asked Questions
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