Ethereum price is rapidly gaining above the USD 3,120 resistance zone. ETH could continue to rise unless there is a daily close below the USD 3,030 level.
- Ethereum extended its rise above the USD 3,150 resistance zone.
- The price is trading above USD 3,150 and the 100-hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $3,160 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise unless the bears push it below the $3,030 zone.
Ethereum price extends the rise
The price of Ethereum launched a recovery wave and, like Bitcoin, managed to break the $3,000 resistance. ETH even climbed above the USD 3,050 and USD 3,120 resistance levels to move into a positive zone.
It traded to a new weekly high at $3,234 and is currently consolidating gains. There was a small decline below the USD 3,200 level. Ether fell below the 23.6% Fib retracement level from the recent rise from the $3,120 swing low to the $3,234 high.
Ethereum is now trading above $3,150 and the 100-hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $3,160 on the hourly chart of ETH/USD. The trendline is close to the 61.8% Fib retracement level of the recent rise from the $3,120 swing low to the $3,234 high.
The immediate resistance is near the USD 3,210 level. The first major resistance is around the $3,235 level. The next major resistance is at USD 3,280, above which the price could gain strength and rise towards the USD 3,350 level.
Source: ETHUSD on TradingView.com
A close above the USD 3,350 resistance could send the price towards the USD 3,500 resistance. If there is a move above the USD 3,500 resistance, Ethereum could even test the USD 3,550 resistance. Any further gains could send Ether towards the USD 3,720 resistance zone in the coming days.
Disadvantage correction in ETH?
If Ethereum fails to clear the USD 3,235 resistance, it could initiate a downward correction. The initial downside support is near the $3,175 level. The first major support is near the $3,160 zone and the trendline.
The key support is near the $3,150 level and the 100-hourly Simple Moving Average. A clear move below the USD 3,150 support could increase selling pressure and send the price towards USD 3,030. Any further losses could send the price towards the USD 2,850 level in the near term.
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 level.
Major support level – $3,150
Major resistance level – $3,235
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