Ethereum price is holding gains above the $3,120 resistance zone. ETH could soon rise if it surpasses the $3,280 resistance zone.
- Ethereum extended its rise above the $3,220 resistance zone.
- The price is trading above $3,165 and the 100 hourly simple moving average.
- There is a bullish trendline forming with support at $3,170 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue rising if it breaks the $3,280 resistance zone.
Ethereum Price Aims Higher
Ethereum price remained in a positive zone above the $3,000 level as Bitcoin. ETH extended its rise above the $3,150 and $3,165 resistance levels. It even surpassed the $3,250 resistance.
It traded to a new weekly high at $3,263 and recently corrected lower. There was a small decline below the $3,220 level. Ether fell below the 50% Fibonacci retracement level of the recent wave, from $3,154 low to $3,263 high.
However, bulls were active above the $3,200 level. The 61.8% Fib retracement level of the recent wave from the $3,154 swing low to $3,263 high acted as support.
Ethereum is now trading above $3,200 and the 100-hour Simple Moving Average. There is also a bullish trend line forming with support at $3,170 on the hourly chart of the ETH/USD pair. Immediate resistance is near the $3,250 level. The first major resistance is near the $3,280 level.
Source: ETHUSD on TradingView.com
The next key resistance lies at $3,350, above which the price could gain strength and rise towards the $3,500 level. A close above the $3,500 resistance could send the price towards the $3,550 resistance. If there is a move above the $3,550 resistance, Ethereum could even test the $3,750 resistance. Any further gains could send Ether towards the $3,880 resistance zone in the coming days.
Another drop in ETH?
If Ethereum fails to clear the $3,280 resistance, it could initiate a downside correction. Initial downside support is near the $3,200 level. The first major support is near the $3,180 zone and the trendline.
The main support is near the $3,120 level. A clear move below the $3,120 support could increase selling pressure and send the price towards $3,030. Further losses could send the price towards the $2,850 level in the near term.
Technical Indicators
MACD per hour – The MACD for ETH/USD is gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $3,120
Main resistance level – $3,280
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