Ethereum price started a steady upward move above $3,120. ETH is now consolidating gains and could target more gains above $3,250.
- Ethereum started a new increase above USD 3,050 and USD 3,150.
- The price is trading above $3,200 and the 100-hourly Simple Moving Average.
- A short-term bullish trendline is forming with support at $3,185 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it crosses the $3,250 zone.
Ethereum price remains supported
Ethereum’s price started to rise again after it, like Bitcoin, rose above the $3,050 zone. ETH price gained pace and rose above the USD 3,120 and USD 3,150 resistance levels.
The bulls even pumped the price towards $3,220. A high was reached at $3,264, and the price is now consolidating gains. It fell a few points below the 23.6% Fib retracement level from the recent rise from the $3,134 swing low to the $3,264 high.
Ethereum price is now trading above $3,200 and the 100-hourly Simple Moving Average. Moreover, in the short term, a bullish trendline is forming with support at $3,185 on the hourly chart of ETH/USD.
If the bulls can recoup more losses below $3,150, the price could try to rise again. Immediate resistance is seen around the $3,240 level. The first major resistance is near the $3,250 level. The next major resistance is around the $3,265 level.
A clear move above the USD 3,265 resistance could send the price towards the USD 3,350 resistance. An upside break above the $3,350 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $3,450 or even $3,500 in the short term.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 3,250 resistance, it could trigger another decline. Initial downside support is near the $3,200 level or the 50% Fib retracement level of the recent rise from the $3,134 swing low to the $3,264 high.
The first major support is near the $3,185 zone and the trendline. A clear move below the USD 3,185 support could push the price towards the USD 3,120 support. Any further losses could send the price towards $3,050.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3,185
Major resistance level – $3,250