Ethereum has seen a significant increase in price, surpassing the $3,350 resistance zone and even reaching $3,500. This upward movement indicates a potential for further gains in the near future. The cryptocurrency is currently trading above $3,400 and the 100-hourly Simple Moving Average, demonstrating strength and positive momentum.
A key bullish trend line has formed with support at $3,320 on the hourly chart of ETH/USD, highlighting a strong foundation for Ethereum’s price movement. Despite facing resistance near the $3,480 level, the first major resistance is expected to be near $3,500, followed by $3,550. A break above $3,550 could propel Ether towards the $3,650 resistance level, with further resistance at $3,720 and $3,880.
Although Ethereum is currently on an upward trajectory, there is a possibility of a downside correction if it fails to clear the $3,500 resistance. In such a scenario, initial support is projected near $3,400, followed by the $3,320 zone and the key bullish trend line. Further losses could see the price decline towards $3,270 or the 50% Fib retracement level.
The Hourly MACD for ETH/USD is showing signs of losing momentum in the bullish zone, suggesting a potential slowdown in the price movement. On the other hand, the Hourly RSI is above the 50 zone, indicating a continued positive trend for Ethereum.
Ethereum’s price movement has shown significant strength and resilience, with the potential for further upsides in the near term. While there are key resistance levels to watch out for, the overall outlook remains positive as long as the support levels hold firm. Traders and investors should continue to monitor the technical indicators and price movements closely to capitalize on potential opportunities in the market.
Leave a Reply