Ethereum price extended its rise above the USD 3,120 resistance zone. ETH could soon aim for a move above the USD 3,200 resistance.
- Ethereum is slowly moving higher above the USD 3,080 level.
- The price is trading above USD 3,080 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $3,070 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise steadily if there is a close above the $3,200 resistance zone.
Ethereum price outperforms Bitcoin
Ethereum price extended its recovery wave above the USD 3,050 resistance zone. ETH even climbed above the USD 3,150 resistance. Finally, there was a spike above the USD 3,200 resistance, outperforming Bitcoin.
It tested the $3,220 resistance zone. It reached a high at $3,213 and the price is now correcting gains. There was a small decline below $3,150. The price tested the 50% Fib retracement level of the upward move from the $2,894 swing low to the $3,213 high.
Ethereum is now trading above $3,080 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $3,070 on the hourly chart of ETH/USD.
On the upside, the price is facing resistance around the $3,140 level. The first major resistance is around the $3,200 level. The next major hurdle is near the USD 3,220 level. A close above the USD 3,220 level could send Ether towards the USD 3,320 resistance.
The next major resistance is near USD 3,440. An upside break above the USD 3,440 resistance could send the price higher towards the USD 3,550 resistance zone in the coming days.
Are dips supported in ETH?
If Ethereum fails to clear the USD 3,140 resistance, it could trigger another decline. The initial downside support is near $3,070 and is on the trendline. The first major support is near the $3,000 zone and the 61.8% Fib retracement level of the upward move from the $2,894 swing low to the $3,213 high.
A clear move below the USD 3,000 support could push the price towards USD 2,970. Any further losses could send the price towards the USD 2,895 support level in the near term. The next major support is at $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 – $3,070
Major resistance level – $3,200
