Ethereum's Bullish Momentum Holds Strong Above $3,200, Eyes Further Gains
Ethereum (ETH) has demonstrated remarkable resilience, establishing a steady upward trajectory above the $3,120 mark. Despite minor pullbacks, the cryptocurrency is currently consolidating its gains and appears poised to challenge higher resistance levels, potentially aiming for a breakthrough above $3,250.
Price Action and Key Support
Following a similar pattern to Bitcoin, Ethereum initiated a fresh rally after stabilizing above the $3,050 zone. This upward movement saw ETH successfully clear resistance levels at $3,120 and $3,150, with bulls driving the price towards $3,220 and forming a high near $3,264. While the price briefly dipped below the 23.6% Fibonacci retracement level of its recent surge from the $3,134 low to the $3,264 high, it maintains a strong position above the $3,200 threshold and the 100-hourly Simple Moving Average. A crucial short-term bullish trend line provides robust support around $3,185 on the hourly chart.
Resistance and Potential Upside
Immediate resistance for Ethereum is noted near $3,240, with the first significant hurdle lying at the $3,250 level. A decisive break above this point could propel ETH towards the next major resistance at $3,265. Should Ethereum successfully breach the $3,265 resistance, analysts anticipate a potential push towards the $3,350 mark. A sustained upward movement beyond the $3,350 region could trigger even further gains, possibly sending the price to the $3,450 or even $3,500 resistance zones in the near term.
Downside Risks and Technical Indicators
However, if Ethereum fails to overcome the $3,250 resistance, it could initiate a fresh downward correction. Initial downside support is identified near the $3,200 level, or the 50% Fibonacci retracement of the recent bullish move. The primary support resides at the $3,185 zone, coinciding with the bullish trend line. A clear move below $3,185 might push the price towards the $3,120 support, with extended losses potentially bringing it down to the $3,050 region. From a technical perspective, the Hourly MACD for ETH/USD is showing signs of losing bullish momentum, while the Hourly RSI remains comfortably above the 50 mark, suggesting a balance between buying and selling pressure.
- Major Support Level: $3,185
- Major Resistance Level: $3,250
