Ethereum Price Signals Promise of an Upward Move
The price of Ethereum is showing signs of potential upside as it attempts to break above the $3,420 resistance zone. However, it is currently struggling to clear the $3,480 and $3,520 resistance levels.
Ethereum has gradually been moving higher above the $3,420 zone and is currently trading above $3,400 and the 100-hourly Simple Moving Average. There was a notable break above a bearish trend line with resistance near $3,390 on the hourly chart of ETH/USD.
To continue its upward trajectory, Ethereum needs to successfully surpass the $3,480 and $3,520 resistance levels. The recent recovery wave saw ETH clear the $3,450 resistance zone, reaching a high of $3,482 before consolidating its gains.
While the price dipped below $3,450, the bulls are actively working to prevent further downsides below the $3,420 level. With Ethereum trading above $3,400 and the 100-hourly Simple Moving Average, the focus is on overcoming resistance levels at $3,480 and $3,500. A breakthrough above $3,520 could propel Ether towards the $3,550 resistance zone.
In the event of a successful breach of the $3,520 level, the next significant resistance point is near $3,620. A further upside break beyond $3,620 would indicate considerable gains, potentially leading the price towards the $3,740 resistance zone.
However, failing to surpass the $3,480 resistance level might result in another decline for Ethereum. Initial support is expected around $3,420, followed by a major support level near $3,400 and the 50% Fib retracement level.
If the price further drops below the $3,400 support, it could head towards $3,320, and any additional losses may bring it closer to the $3,240 level in the near term.
As for the technical indicators, the hourly MACD for ETH/USD is gaining momentum in the bullish zone, while the hourly RSI is now above the 50 zone.
In summary, Ethereum is displaying bullish signals as it aims to breach key resistance levels. The ability to overcome these hurdles will determine whether the price continues its upward momentum or faces another downward correction.