Ethereum price started a new increase above $3.200. ETH is now consolidating gains and could target more gains above $3,250.
- Ethereum started a new increase above the USD 3,050 and USD 3,120 levels.
- The price is trading above USD 3,120 and the 100-hourly Simple Moving Average.
- A short-term contract triangle is forming with support at $3,130 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above the $3,240 zone.
Ethereum price sees another upside breakout
The price of Ethereum managed to stay above $2,920 and started a new increase, just like Bitcoin. ETH price gained strength thanks to a move above the USD 3,000 and USD 3,050 resistance levels.
The bulls even pumped the price above $3,150. However, the bulls struggled to clear $3,240 and $3,250. It reached a high at $3,239 and the price recently corrected some gains. There was a spike below 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 $3,120 and the 100-hourly Simple Moving Average. A short-term contracting triangle is also forming with support at $3,130 on the hourly chart of ETH/USD.
If another upward move occurs, the price may encounter resistance near the $3,200 level. The next major resistance is near the $3,240 level. The first major resistance is around the $3,250 level. A clear move above the USD 3,250 resistance could send the price towards the USD 3,320 resistance. An upside break above the $3,320 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 3,240 resistance, it could trigger another decline. The initial downside support is near the $3,120 level. The first major support is near the $3,050 zone.
A clear move below the USD 3,050 support could push the price towards the USD 3,000 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 2,850 and USD 2,840.
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 – $3,130
Major resistance level – $3,240