As Ethereum continues to show a positive trend, it has started a major increase above the $3,250 resistance zone. The price has surged past $3,300 and seems poised for further upsides in the near term. With Ethereum gaining momentum above the $3,250 level, it is currently trading above the 100-hourly Simple Moving Average. Additionally, there is a connecting bullish trend line forming with support at $3,270 on the hourly chart of ETH/USD (data feed via Kraken), indicating a strong bullish sentiment in the market.
The pair could potentially continue its upward trajectory above the $3,320 and $3,350 resistance levels. Furthermore, on the upside, Ethereum price is facing resistance near the $3,340 level, with the first major resistance at $3,350. The next significant hurdle lies at the $3,420 level, and a close above this level could propel Ether towards the $3,500 resistance. Subsequently, the next key resistance is situated near $3,550, with a break above this level potentially pushing the price higher towards the $3,650 resistance zone in the coming days.
Potential Downside and Support Levels
In case Ethereum fails to surpass the $3,340 resistance, a downside correction might be on the horizon. Initial support on the downside is expected near $3,270 and the trend line. The first major support level is around the $3,220 zone, and a clear move below this support could lead the price towards $3,200 or the 50% Fib retracement level. Further losses may bring the price down to the $3,150 support level, with the next key support at $3,050.
When looking at the technical indicators for Ethereum, the hourly MACD for ETH/USD is gaining momentum in the bullish zone. Additionally, the hourly RSI for ETH/USD is now above the 50 zone, indicating a positive outlook for the cryptocurrency in the near term.
Ethereum price is showing bullish signs and has the potential to surge further in the coming days. With strong support levels in place and resistance levels to overcome, Ethereum investors and traders are eagerly watching to see if the cryptocurrency can maintain its upward momentum and reach new highs.
