Ethereum price starts a new round of increase above the resistance level of $3,120. ETH shows positive signs but struggles to catch up with Bitcoin's momentum.
Ethereum begins a new round of increase above the resistance area of $3,000.
The price is currently above $3,120 and the 100-hour simple moving average.
On the hourly chart of ETH/USD, a key bullish trendline has formed, with support at $3,230 (data provided by Kraken).
If it breaks the resistance level of $3,350, the currency pair may continue to rise.
Ethereum price is steadily rising
Ethereum price, like Bitcoin, begins to break through the resistance level of $2,880, starting a new round of increase. ETH is able to break through the resistance levels of $3,000 and $3,120, further entering the positive zone.
In the past few trading days, it even surged above $3,250. It rose over 5% and broke through $3,350. Before a slight pullback, its peak was $3,390. From the swing low of $3,080 to the high of $3,390, it fell below the 23.6% Fibonacci retracement level of the upward wave.
Ethereum price is currently trading above $3,220 and the 100-hour simple moving average. A key bullish trendline has also formed on the ETH/USD hourly chart, with support at $3,230. This trendline is close to the 50% Fibonacci retracement level of the upward wave from the swing low of $3,080 to the high of $3,390.
On the upside, the price seems to face resistance near $3,350. The first major resistance level is around $3,390. The current main resistance level is around $3,420. If the resistance level of $3,420 is clearly broken, it could push the price towards the resistance level of $3,550.
Breaking the resistance level of $3,550 could bring more gains in the coming trading days. In this case, Ethereum may rise to the resistance level of $3,680.
Is the decline of ETH limited?
If Ethereum fails to break through the resistance level of $3,350, it may begin a downward correction. The initial support level on the downside is around $3,280. The first major support level is near the $3,250 area and trendline.
Falling below the support level of $3,250 could push the price towards $3,150. If the price continues to decline, it may fall to the support level of $3,080 in the short term. The next key support level is at $3,000.
Technical indicators
Hourly MACD - The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI - The RSI for ETH/USD is now above the 50 area.
Main support level - $3,250
Major resistance level - $3,350
