The price of Ethereum is rising above $3,120. ETH may continue to rise unless the daily closing price falls below $3,030.
- Ethereum has risen above $3.150, the resistance level.
- Price is above the Simple Moving Average of 100 hours and $3,150.
- On the chart hourly of ETH/USD, there is a bullish line connecting with support at $3.160 (data via Kraken).
- It is possible that the pair will continue to rise if the bears do not push it down below $3,030.
Ethereum price increases further
The Ethereum price began a wave of recovery and cleared the $3,000 barrier, just like Bitcoin. ETH even climbed over the $3.050 and 3.120 resistance levels, moving into a favorable zone.
The stock is consolidating its gains after reaching a new high of $3,234 on the week. A minor drop was recorded below $3,200. Ether fell below the Fib level for the recent rise from the swing low of $3,120 to the high of $3,234 by 23.6%.
Ethereum has now traded above $3.150. The 100-hour Simple Moving Average. On the hourly chart for ETH/USD, there is also a bullish connecting trend line with a support level of $3160. This trendline is near the Fib level of 61.8% retracement for the recent rise from the swing low at $3,120 to the high at $3,234.
The immediate resistance level is around $3210. First major resistance near $3,235. Next, the key resistance is $3,280. Above this level, the price could gain momentum and climb to the $3350 mark.
Source: TradingView.com offers ETHUSD at a discount.
If the price closes above the $3.350 resistance, it could move towards the $3.500 resistance. Ethereum may even reach the $3.550 resistance if it moves above the $3.500 resistance. Ether could reach the $3.720 zone of resistance in coming days if it gains any more.
Downside Correction In ETH?
Ethereum could begin a correction to the downside if it fails to break through $3,235. The $3,175 area is the first support to the downside. First major support near $3,160 and trendline.
A major support lies near $3,150 and the Simple Moving Average 100 hours. If the support level of $3,150 is breached, the selling pressure could increase and the price may move towards $3,030. In the short term, any further losses could send the price to the $2.850 level.
Technical Indicators
The Hourly MACD – The MACD of ETH/USD has lost momentum and is now in the bearish zone.
Hourly RSI – The RSI of ETH/USD has fallen below 50.
Major Support Level – $3,150
Major Resistance Level $3,235
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