Ethereum has shown significant strength in recent trading sessions as it extended its increase above the $3,120 resistance zone. This surge in price has sparked optimism among investors, with expectations of the cryptocurrency aiming for a move above the $3,200 resistance in the near term.
As Ethereum continues its upward trajectory, a connecting bullish trend line is forming with support at $3,070 on the hourly chart of ETH/USD. This trend line indicates a positive sentiment in the market and offers support in case of any price corrections. The price is currently trading above $3,080 and the 100-hourly Simple Moving Average, further solidifying the bullish outlook.
On the upside, Ethereum faces resistance near the $3,140 level, with the first major hurdle at $3,200. A close above this level could propel Ether towards the $3,220 resistance zone. Breaking through this zone might lead to further gains, with the next key resistance levels at $3,320 and $3,440. However, failure to clear the $3,140 resistance could trigger a downside move, with initial support at $3,070 and the trend line.
The hourly MACD for ETH/USD is showing signs of losing momentum in the bullish zone, suggesting a potential slowdown in the price surge. Additionally, the hourly RSI is now below the 50 zone, indicating a slight shift in sentiment towards the downside. Traders and investors should closely monitor these technical indicators to gauge potential price movements in the coming sessions.
Ethereum’s price movements above key resistance levels indicate a strong bullish momentum in the market. With support levels in place and potential price targets on the horizon, investors are closely watching the cryptocurrency’s performance. However, caution is advised as technical indicators suggest a potential slowdown in the current uptrend. Stay informed and keep a close eye on Ethereum’s price movements for informed decision-making in the volatile cryptocurrency market.
