Ethereum’s price was unable to break through the $3,220 resistance and declined. ETH is now trying to recover, but faces a challenge near the $3,150 level. The price began a downward correction, falling below $3,220 and $3,200. It is currently trading below $3,180 and the 100-hour Simple Moving Average. On the hourly chart for ETH/USD, the price broke above a bearish trend line that had resistance at $3,100. If the pair remains above the $3,050 zone, it could continue to move higher.
After failing to hold above $3,220, Ethereum’s price dipped further, similar to Bitcoin. It fell below $3,200 and $3,120, entering a short-term bearish zone, and even dropped below $3,120. A low was established at $3,050, and the price is now consolidating. It tested the 23.6% Fibonacci retracement level of the recent drop from the $3,308 high to the $3,050 low.
Ethereum is currently trading below $3,180 and the 100-hour Simple Moving Average. If bulls can prevent further losses below $3,050, the price may attempt another increase. Immediate resistance is near $3,150. The first key resistance is around $3,180, which aligns with the 50% Fibonacci retracement level of the recent decline. The next major resistance is near $3,210. A clear move above $3,210 could push the price toward the $3,250 resistance. Breaking above $3,250 might lead to further gains, potentially targeting the $3,300 or even $3,320 resistance zones in the near term.
If Ethereum fails to clear the $3,180 resistance, it could start another decline. Initial support on the downside is near $3,080. The first major support sits around $3,050. A clear move below $3,050 might push the price toward $3,020. Any further losses could send it toward the $3,000 region.
Technical Indicators
– Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.
– Hourly RSI: The RSI for ETH/USD is now below the 50 level.
– Major Support Level: $3,050
– Major Resistance Level: $3,180
Frequently Asked Questions
Frequently Asked Questions About Ethereums Gradual Price Rise
Beginner Questions
What does it mean when people say Ethereums price is gradually rising
It means the price of Ethereum is increasing steadily over time rather than spiking suddenly This slow consistent upward trend is often seen as a sign of healthier more sustainable growth
Why is Ethereums price going up
Several factors can contribute including increased adoption of Ethereumbased applications positive developments in its technology general optimism in the crypto market and growing institutional interest
Is now a good time to buy Ethereum
This is personal financial advice which we cannot give However a gradual rise can indicate building momentum Always do your own research understand the risks of cryptocurrency investing and never invest more than you can afford to lose
What is a sustained upward move
Its a period where the price continues to climb over a longer timeframe instead of just a shortlived price pump followed by a drop The current gradual rise could be the foundation for such a move
How is Ethereum different from Bitcoin
While both are cryptocurrencies Bitcoin is primarily a digital store of value Ethereum is a programmable blockchain that acts as a platform for decentralized applications smart contracts and other digital assets
Intermediate MarketRelated Questions
What are some specific reasons driving Ethereums current price increase
Potential drivers include anticipation around future network improvements a decrease in ETH supply due to its feeburning mechanism increased activity in its ecosystem and a general riskon sentiment in broader financial markets
Could this price rise just be a bull trap
Yes its possible Any upward trend can reverse A bull trap is when a price rise entices buyers only for the price to fall again This is why analysts look for confirmation through trading volume and other indicators alongside price
What trading volume should I look for to confirm the trend
A gradual price rise accompanied by consistently high or increasing trading volume is generally seen as a stronger more legitimate trend Rising price on low volume can be a warning sign of weak momentum
How do Ethereums network upgrades affect its price
Upgrades that improve scalability security and sustainability like the