Ethereum price has shown positive momentum, extending its increase above the $3,120 resistance zone. The digital currency could soon aim for a move above the $3,200 resistance. The price is currently trading above $3,080 and the 100-hourly Simple Moving Average, indicating a bullish trend in the short term.
Hourly MACD for ETH/USD is losing momentum in the bullish zone, suggesting a potential slowdown in the current uptrend. Meanwhile, the hourly RSI for ETH/USD is now below the 50 zone, signaling a possible shift in momentum from buyers to sellers.
Despite the recent positive price action, Ethereum faces immediate resistance near the $3,140 level. The first major hurdle is at $3,200, followed by a key resistance level at $3,220. A successful close above $3,220 could propel Ether towards the $3,320 resistance zone, with a further target at $3,440. However, if Ethereum fails to break above the $3,140 resistance, a downside correction could be on the cards.
In case of a pullback, initial support is seen near $3,070 and the trend line, followed by a major support level at $3,000. Further downside could lead to a test of the $2,970 support, with a critical support level at $2,820.
Ethereum price is showing signs of strength, with a potential breakout above the $3,200 resistance level. However, traders should monitor the key resistance levels mentioned above for confirmation of further upside momentum. On the other hand, a failure to clear immediate resistance could result in a downside correction towards support levels. Technical indicators suggest a cautious approach, as the market may be at a turning point in the short term.
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