Ethereum’s price has been fluctuating recently, with the cryptocurrency showing signs of bullish momentum. The price of ETH has surged above the $3,080 resistance level, indicating a potential uptrend. However, in order for this momentum to continue, there needs to be a close above the $3,150 resistance zone.
The hourly chart of ETH/USD shows that Ethereum is currently trading above the $3,050 level and the 100-hourly Simple Moving Average. This movement is in line with the recent break above a short-term bullish flag with resistance near $3,090. The price even spiked above the $3,110 resistance, outperforming Bitcoin and testing the $3,150 resistance zone.
On the downside, if Ethereum fails to clear the $3,150 resistance, it could lead to another decline. Initial support is seen near $3,080, followed by major support at the $3,020 zone. A clear break below $3,020 might push the price towards $2,955, with further losses possibly leading to the $2,880 support level in the near term.
Potential Upside Momentum and Key Resistance Levels
If Ethereum manages to break above the $3,150 resistance level, the next major hurdle will be near $3,220. A close above this level could signify a move towards the $3,320 resistance, followed by the key resistance of $3,400. A breakthrough above $3,400 might push the price higher towards the $3,500 resistance zone.
The MACD for ETH/USD is showing signs of losing momentum in the bullish zone, while the RSI is currently above the 50 zone. These technical indicators suggest that while Ethereum is currently in a bullish phase, there may be a possibility of a reversal in the near future.
Ethereum’s price movement is showing indicators of potential bullish momentum, with resistance levels being closely monitored. It is essential for investors and traders to carefully analyze the technical indicators and market trends before making any decisions regarding ETH investments.
