Ethereum price started a new increase above $3.120. ETH is now trying to clear the USD 3,250 resistance and could accelerate higher.
- Ethereum started a new increase above the USD 3,000 and USD 3,120 levels.
- The price is trading above USD 3,150 and the 100-hourly Simple Moving Average.
- A bullish trendline is forming with support at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it breaks above the $3,250 zone.
Ethereum price expects more gains
Ethereum price managed to stay above $2,880 and started a new increase, just like Bitcoin. ETH price gained strength thanks to a move above the USD 2,950 and USD 3,000 resistance levels.
The bulls even pumped the price above $3,120. However, the price is now testing a key barrier at $3,250. A high was reached at $3,239 and the price is now consolidating above the 23.6% Fib retracement level of the recent move from the $2,718 swing low to the $3,239 low.
Ethereum price is now trading above $3,150 and the 100-hourly Simple Moving Average. If another upward move occurs, the price may encounter resistance near the $3,250 level.
The next major resistance is near the $3,265 level. The first major resistance is around the $3,320 level. A clear move above the USD 3,320 resistance could send the price towards the USD 3,450 resistance. An upside break above the $3,450 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the USD 3,500 or even USD 3,540 resistance zone in the short term.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 3,250 resistance, it could trigger another decline. The initial downside support is near the $3,160 level. The first major support is near the $3,120 zone and the trendline.
A clear move below the USD 3,120 support could push the price towards the USD 3,050 support. Any more losses could send the price towards the $2,980 region and the 50% Fib retracement level from the recent move from the $2,718 swing low to the $3,239 near-term low. The next major support is at USD 2,920 and USD 2,880.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3,120
Major resistance level – $3,250