The Ethereum price is currently on the rise, surpassing the $3,120 resistance zone. This upward movement has the potential to lead to a fresh rally if it manages to clear the $3,280 resistance zone. The price action is indicating positive momentum as it trades above $3,100 and the 100-hourly Simple Moving Average.
One notable development is the break above two connecting bearish trend lines with resistance at $3,070 and $3,150 on the hourly chart of ETH/USD. This break is a significant step in the direction of bullish momentum for Ethereum. The pair has the potential to gain further traction if it closes above the $3,250 zone.
After forming a base above the $2,850 level, Ethereum started a recovery wave similar to Bitcoin. The clearing of key hurdles around $3,000 has allowed ETH to enter a positive zone. Additionally, the pair surpassed the 50% Fib retracement level, indicating a strong possibility of further upward movement.
As Ethereum continues to trade above $3,120 and the 100-hourly Simple Moving Average, immediate resistance is seen near the $3,200 level. The first major resistance point is at $3,250, with the next significant barrier at $3,280. If Ethereum manages to break through these levels, it could pave the way for a rise towards $3,350. On the flip side, failure to clear the $3,250 resistance may lead to another decline. The initial support lies near $3,150, followed by the $3,120 zone.
A close above the $3,350 resistance level could propel the price towards the $3,420 pivot level. Further bullish momentum could see Ethereum climbing towards the $3,550 resistance and even reaching the $3,880 zone. However, if the price fails to clear the resistance levels, a downside movement could bring it towards $3,020 and potentially $2,965 in the near term.
The hourly MACD for ETH/USD is gaining momentum in the bullish zone, signaling a positive outlook. The hourly RSI is also above the 50 level, indicating strength in the current price movement.
Ethereum is currently in a pivotal position with the potential for both upward and downward movements. Traders and investors are advised to closely monitor key resistance and support levels, as well as technical indicators, to make informed decisions. Remember, investing carries risks, so conducting thorough research before making any investment decisions is crucial.