Ethereum’s upward trend remains intact as it maintains its gains above the $3,120 resistance level. The cryptocurrency has the potential to climb even higher if it can surpass the critical resistance level of $3,280. As of now, Ethereum is trading at $3,262.
Ethereum’s recent updates show that it has successfully moved above the $3,220 resistance zone and is currently trading above $3,165 and the 100-hour Simple Moving Average. On the four-hour chart, there is a noticeable upward trend line forming at the $3,170 support level, indicating the possibility of continued upward movement if Ethereum breaks the $3,280 resistance zone.
ETH’s price remains in a positive zone above $3,000, having surpassed the $3,150 and $3,165 resistance levels, and even reaching above the $3,250 resistance. The latest data shows that Ethereum traded at a new weekly high of $3,263 before undergoing a brief correction. However, bulls have provided support above the $3,200 level, and Ethereum is currently trading above $3,200. The significant upward trend line formed at the $3,170 support level could also play a role in influencing the price direction.
In the short term, Ethereum faces nearby resistance at around $3,270, with a larger resistance at $3,300. If Ethereum can move towards the $3,350 level, it could potentially open the door to higher targets. A close above the $3,550 resistance level could indicate the possibility of even higher gains, with the $3,750 resistance becoming a potential target. Ethereum could see further gains in the coming days towards the $3,880 resistance area.
The $3,280 resistance level holds importance as Ethereum has not been able to surpass it recently, suggesting the possibility of a downward correction. In case of a decline, the first support level Ethereum might encounter is around $3,200. However, if the decline becomes more significant, the $3,180 area and the nearby trend line could provide strong support. The main support level is notably at $3,120, and a sharp drop below this level could increase selling pressure and push Ethereum towards $3,030. Further losses could potentially bring the price down to $2,850 in the near term.
Looking at the technical indicators, the four-hour MACD for ETH/USD is showing momentum in the bullish zone, while the four-hour RSI for ETH/USD is above the 50 level, indicating a positive outlook for the price.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research.
