Ethereum Eyes Upside Break: Is a New Rally on the Horizon?
Ethereum's price has recently initiated a notable upward movement, climbing above the $3,150 mark. The cryptocurrency is now consolidating, signaling potential for a significant upside breakout if it successfully breaches key resistance levels, particularly the $3,350 threshold. This current phase suggests a critical juncture for ETH as it tests investor confidence and technical indicators.
ETH Price Shows Resilience
Following a downward correction from the $3,450 zone, Ethereum found strong support, preventing further losses. The price demonstrated resilience by holding above $3,150 and pushing past the $3,300 and $3,320 resistance levels, even briefly touching $3,448 before a minor correction. Currently, ETH is trading above the $3,200 level and its 100-hourly Simple Moving Average, reinforcing the presence of underlying bullish sentiment. A crucial bullish trend line is also forming, providing support around $3,180 on the hourly chart. This collective strength indicates that buyers are actively defending lower price points.
Key Levels to Watch: Support and Resistance
Despite the recent gains, the path forward is not without challenges. If Ethereum fails to overcome the immediate resistance at $3,320, it could trigger a fresh decline. Initial downside support is anticipated near $3,200, with a more significant support zone at $3,150. A decisive break below $3,150 could see ETH retreating towards $3,040, and potentially even $3,000 in a more bearish scenario. Conversely, a sustained move above the $3,350 resistance is paramount for a confirmed rally. Should this level be cleared, ETH could aim for $3,400, and an extended rally might push it towards the $3,450 or even $3,500 zone in the near term. Technical indicators, such as the hourly MACD gaining bullish momentum and the hourly RSI remaining above the 50 zone, generally support the potential for an upward trajectory, provided key resistance levels are conquered.
