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Ethereum price started a fresh rise above the USD 3,120 resistance. ETH is showing positive signs but is struggling to catch up to Bitcoin’s momentum.
- Ethereum started a new rise above the USD 3,000 resistance zone.
- The price is trading above USD 3,120 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $3,230 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it overcomes the USD 3,350 resistance.
Ethereum price eyes steady rise
Ethereum price, like Bitcoin, started to rise again above the USD 2,880 resistance. ETH was able to climb above the USD 3,000 and USD 3,120 resistance levels to move further into a positive zone.
Over the past few sessions, it even rose above the USD 3,250 level. It is up over 5% and there was a move above $3,350. A high is formed at $3,390 before a small pullback. There was a move below the 23.6% Fib retracement level of the upwave from the $3,080 swing low to the $3,390 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $3,230 on the hourly chart of ETH/USD. The trendline is close to the 50% Fib retracement level of the upward wave from the $3,080 swing low to the $3,390 high.
On the upside, the price seems to be facing hurdles around the USD 3,350 level. The first major resistance is around the $3,390 level. The main resistance is now forming around $3,420. A clear move above the USD 3,420 resistance could send the price towards the USD 3,550 resistance.
An upside break above the USD 3,550 resistance could call for more gains in the coming sessions. In the mentioned case, Ether could rise towards the USD 3,680 resistance zone.
Are dips limited in ETH?
If Ethereum fails to clear the USD 3,350 resistance, it could initiate a downward correction. The initial downside support is near the $3,280 level. The first major support is near the $3,250 zone and the trendline.
A clear move below the USD 3,250 support could push the price towards USD 3,150. Any further losses could send the price towards the USD 3,080 support level in the near term. The next major support is $3,000.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $3,250
Major resistance level – $3,350
