The Ethereum price started a new increase above $3.050. ETH is now consolidating gains and could target more gains if it clears the USD 3,180 resistance.
- Ethereum started a new increase above the USD 3,020 and USD 3,050 levels.
- The price is trading above USD 3,075 and the 100-hourly Simple Moving Average.
- A short-term contracting triangle is forming at resistance at $3,150 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it breaks above the $3,180 zone.
Ethereum price faces resistance
The price of Ethereum managed to stay above $2,950 and started a new increase, just like Bitcoin. ETH price gained strength thanks to a move above the USD 3,020 and USD 3,050 resistance levels.
However, the bears were active below $3,200. A high was reached at $3,179 and the price is now consolidating. There was a small decline below the 23.6% Fib retracement level of the upward wave from the $2,914 swing low to the $3,179 low.
Ethereum price is now trading above $3,075 and the 100-hourly Simple Moving Average. If another upward move occurs, the price may encounter resistance near the $3,150 level. A short-term contracting triangle is also forming with resistance at $3,150 on the hourly chart of ETH/USD.
The next major resistance is near the $3,180 level. The first major resistance is around the $3,220 level. A clear move above the USD 3,220 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 of pause in ETH?
If Ethereum fails to clear the USD 3,180 resistance, it could trigger another decline. The initial downside support is near the USD 3,080 level. The first major support is near the $3,015 zone and the 61.8% Fib retracement level of the upward wave from the $2,914 swing low to the $3,179 low.
A clear move below the USD 3,015 support could push the price towards the USD 2,975 support. Any further losses could send the price towards $2,920. The next major support is at USD 2,840 and USD 2,820.
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 below the 50 zone.
Major Support Level – $3,015
Major resistance level – $3,180