Ethereum’s price is showing signs of a potential fresh rally as it moves higher above the $3,120 resistance zone. If Ethereum manages to clear the $3,280 resistance, it could spark a new wave of buying.
Currently, Ethereum is trading above $3,100 and the 100-hourly Simple Moving Average, indicating a positive sentiment in the market. The recent breakout saw the price surpass two connecting bearish trend lines with resistance at $3,070 and $3,150 on the hourly chart of ETH/USD.
To further confirm the bullish momentum, Ethereum needs to close above the $3,250 zone. If it manages to do so, the next key resistance levels to watch out for are $3,280 and $3,350. A breakthrough above these levels could propel Ethereum towards the $3,420 and $3,550 resistance levels.
However, if Ethereum fails to clear the $3,250 resistance, it could experience another decline. Initial support levels are identified at $3,150 and $3,120, followed by the 100-hourly Simple Moving Average. A break below these levels could increase selling pressure and push the price towards $3,020 and $2,965 in the near term.
Technical indicators, such as the MACD and RSI, are currently favoring the bulls, with the MACD gaining momentum in the bullish zone and the RSI above the 50 level.
It’s important to note that this analysis is for educational purposes only and doesn’t represent the opinions of NewsBTC. As always, it’s advised to conduct your own research before making any investment decisions.